SHANGHAI, Feb. 10 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,014/mt, with the highest level and lowest level at USD 2,075/mt and USD 2,006/mt, respectively, and finally prices ended at USD 2,050/mt. Total trading volumes reported 9,243 lots, and positions were 688,977 lots. LME aluminum inventories declined by 8,250 mt to 4,571,975 mt.
The US dollar index fell further, since market concerns over the debt crisis in Euro zone waned. The level of 80 will become the strong pressure level in the short term, and the US dollar index will not likely break through this level with the absence of additional panic news. Commodity prices are waiting for support from actual demand, but Chinese demand is waning before the Chinese New Year holiday, which will limit the upward movement in commodity prices to some extent. Commodity prices are expected to recover slightly before the holiday, but only the strengthening demand after the holiday can support prices to advance steadily.
SMM predicts SHFE 1005 aluminum contract prices will move between 5-day and 60-day moving average lines, and long sentiment improve gradually, but market confidence remains weak, and SHFE aluminum price trends prior to the holiday will follow the US dollar index and other base metals prices.
To contact the writer on this report: email@example.com
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: firstname.lastname@example.org