Metals News
SMM Morning Review - 2010/1/11 Aluminum Market
smm insight

SHANGHAI, Jan. 11 (SMM) -- Last Friday, LME aluminum prices opened at USD 2,313/mt, with highest and lowest level at USD 2,323/mt and USD 2,275.2/mt, respectively, and finally prices ended at USD 2,309.5/mt.  Total trading volumes reported 7,522 lots, and positions were 706,901 lots. LME aluminum inventories declined by 2,000 mt to 4,613,400 mt.

The US Department of Labor announced last Friday that the non-farm employment in December decreased by 85,000, but the Reuters predicted it would remain flat at November levels. Meanwhile, the non-farm employment in November was revised from a decline of 11,000 to a growth of 4,000. The lower-than-expected employment data greatly reduced the expectations of possible interest rate hikes, and the US dollar index fell as a result. However, although the employment data was lower than expected, the declines have narrowed steadily based on the trends in first several months in 2009, signaling the US economy has recovered significantly, which will help push up base metals prices further in the future before the government raises the interest rate.

SHFE 1004 aluminum contract will stabilize today. LME aluminum prices will remain stable after hitting the 10-day moving average last Friday, and stock markets will move higher today positively affected the news that the stock index futures will be launched, helping raise the strong optimistic sentiment in domestic futures market. In this context, SMM predicts SHFE 1004 aluminum contract will move in the RMB 17,400-17,800/mt range today.


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