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SMM Morning Review - 2010/1/22 Aluminum Market
Jan 22,2010 10:24CST
smm insight

SHANGHAI, Jan. 22 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,262/mt, with highest and lowest level at USD 2,284/mt and USD 2,218/mt, respectively, and finally prices ended at USD 2,238/mt.  Total trading volumes reported 10,081 lots, and positions were 697,422 lots. LME aluminum inventories increased by 18,525 mt to 4,640,750 mt.

Yesterday, Chinese government released a series of macro economic data, and China's GDP increased by 8.7% YoY, and China's CPI in December 2009 increased by 1.9% on a monthly basis. These data generated market player concerns over the possible tightening of monetary policy in China. As a result, the US dollar index advanced to 78.81, and LME base metals prices fell in response. Currently, the international players have paid close attention to China's policies, and China's frequent measures to control inflation in early 2010 generated the global investor concerns, and the wait-and-see sentiment will remain unchanged for the foreseeable future. In this context, commodities prices will likely continue to fluctuate in the future as well.

SHFE 1004 aluminum contract prices continued to be affected by mixed economic news, with weak long sentiment. In addition, SHFE 1004 aluminum contract prices showed weak performance last night negatively affected by falling LME aluminum prices, and SMM predicts SHFE 1004 aluminum contract prices will move in the RMB 17,000-17,400/mt range today. 


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