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SMM Morning Review - 2010/2/8 Aluminum Market
Feb 8,2010 10:48CST
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Source:SMM

SHANGHAI, Feb. 8 (SMM) -- Last Friday, LME aluminum prices opened at USD 2,048/mt, with the highest level and lowest level at USD 2,049.8/mt and USD 1,967.5/mt, respectively, and finally prices ended at USD 1,980/mt. Total trading volumes reported 16,668 lots, and positions were 685,899 lots. LME aluminum inventories declined by 7,900 mt to 4,587,675 mt.

The US Department of Labor announced last Friday that the employment in January declined by 20,000, lower than analyst prediction of a growth of 15,000, but the unemployment rate dropped to 9.7%, better than previous forecast of 10%. The debt crisis in Euro zone was deteriorating, with market concerns prevailing as well. As a result, the US dollar index advanced further to break through 80.5, with the highest level at 80.68. However, the US dollar index will face strong resistance at this level, with the upward momentum expected to wane, and the index will fluctuate lower in the short term.

Recent financial market confidence was depressed heavily again, and the strong optimistic sentiment of investors will not appear in base metals markets in the short term, with base metals prices expected to continue to move lower. SMM predicts SHFE 1005 aluminum contract prices will continue to test the RMB 16,000/mt mark today.

To contact the writer on this report: angelawang@smm.cn

 

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