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SMM Morning Review - 2010/2/9 Aluminum Market
Feb 9,2010 09:45CST
smm insight

SHANGHAI, Feb. 9 (SMM) -- Yesterday, LME aluminum prices opened at USD 1,998/mt, with the highest level and lowest level at USD 2,020/mt and USD 1,993/mt, respectively, and finally prices ended at USD 2,004.5/mt. Total trading volumes reported 4,268 lots, and positions were 685,798 lots. LME aluminum inventories declined by 7,450 mt to 4,580,225 mt.

The US dollar index slipped gradually after hitting 80.5, and showed signs of further declines at current level of 80.4. Market concerns over economic recovery and debt crisis in Euro zone remained unchanged, and financial markets will remain weak in the short term. The strong performance of Chinese markets exerted positive impact on international markets, and traders further reduced prices and their interest in moving goods became lower as well, with prices returning to the level before mid-November 2009. Aluminum prices showed signs of falling at a slower pace, hampering further declines in LME aluminum prices.

Today is the last trading day of SHFE 1002 aluminum contract, with a new contract month beginning tomorrow. SMM predicts SHFE 1005 aluminum contract prices will fluctuate narrowly around RMB 16,300/mt today.

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


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