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SMM Morning Review - 2010/3/2 Aluminum Market
Mar 2,2010 09:56CST
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SHANGHAI, Mar. 2 (SMM) -- Three-month LME aluminum prices closed at USD 2,137/mt, up USD 3/mt. Positions reported 705,059 lots, and trades were stable. Dow Jones Industrial Average rose by 78.53 to 10,403.79, up 0.76%. Standard & Poor's 500 Index rose by 11.22 to 1,115.71, up 1.02%, this stock index reported the cumulative growth in 2010 for the first time since January 22nd. Nasdaq Composite Index rose by 35.31 to 2,273.57, up 1.58%.

The Institute for Supply Management-Chicago released that the Purchasing Managers Index (PMI) increased to 62.6 during February, hitting a record high since April 2005, and this data has been higher than 50 for five consecutive months, indicating the manufacturing industry and the economic conditions in the US are recovering. The global economic outlook remains positive, helping investors enter the commodity markets, improving the outlook on the demand for commodities in the further, and exerting positive impact on nonferrous metals prices. However, the sovereign debt issues in the Euro zone still generated market concerns. George Soros's hedge fund remained pessimistic toward the Euro, which may have strong support for the US dollar. The international renowned investment master Jim Rogers predicts the pound will likely plunge in the next few weeks since the global problems failed to be resolved. In this context, market players were pessimistic with regard to the outlook of the Euro with the absence of actual stimulus measures, which will also trigger concerns over the demand for nonferrous metals in the future. SMM predicts LME aluminum prices will fluctuate around USD 2,100/mt in the near future.

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