SMM Morning Review - 2010/1/19 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/1/19 Aluminum Market

SMM Insight 10:11:09AM Jan 19, 2010 Source:SMM

SHANGHAI, Jan. 19 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,310/mt, with highest and lowest level at USD 2,329/mt and USD 2,298/mt, respectively, and finally prices ended at USD 2,307/mt.  Total trading volumes reported 4,099 lots, and positions were 709,055 lots. LME aluminum inventories declined by 5,650 mt to 4,579,300 mt.

The US financial markets were closed for the Martin Luther King Jr. holiday yesterday, with no important economic data reported. The wait-and-see sentiment dominated the market, with LME aluminum prices fluctuating slightly. Although LME aluminum inventories declined increasingly since the start of 2010, positive factors concerning market fundamentals were limited. The US new aluminum orders in December declined by 0.5% MoM, while Japan's aluminum inventories in December 2009 rose by 7.09% MoM, eroding investor enthusiasm, and the wait-and-see sentiment emerged gradually as a result.

SMM predicts SHFE 1004 aluminum contract prices will continue to fluctuate narrowly today, with stronger pressure in the short term restricted by moving average lines. SHFE 1004 aluminum contract prices will fluctuate higher with no new positive news reported, with prices expected to move in the RMB 17,400-17,700/mt range today.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

SMM Morning Review - 2010/1/19 Aluminum Market

SMM Insight 10:11:09AM Jan 19, 2010 Source:SMM

SHANGHAI, Jan. 19 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,310/mt, with highest and lowest level at USD 2,329/mt and USD 2,298/mt, respectively, and finally prices ended at USD 2,307/mt.  Total trading volumes reported 4,099 lots, and positions were 709,055 lots. LME aluminum inventories declined by 5,650 mt to 4,579,300 mt.

The US financial markets were closed for the Martin Luther King Jr. holiday yesterday, with no important economic data reported. The wait-and-see sentiment dominated the market, with LME aluminum prices fluctuating slightly. Although LME aluminum inventories declined increasingly since the start of 2010, positive factors concerning market fundamentals were limited. The US new aluminum orders in December declined by 0.5% MoM, while Japan's aluminum inventories in December 2009 rose by 7.09% MoM, eroding investor enthusiasm, and the wait-and-see sentiment emerged gradually as a result.

SMM predicts SHFE 1004 aluminum contract prices will continue to fluctuate narrowly today, with stronger pressure in the short term restricted by moving average lines. SHFE 1004 aluminum contract prices will fluctuate higher with no new positive news reported, with prices expected to move in the RMB 17,400-17,700/mt range today.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn