SHANGHAI, Mar. 5 (SMM) -- Three-month LME aluminum prices closed at USD 2,210/mt, up USD 10/mt. Positions reported 705,788 lots, and positions increased slightly, with trading sentiment up as well. Dow Jones Industrial Average rose by 47.38 to 10444.14, up 0.46%, and this index reported a cumulative growth of 0.15% in 2010. Nasdaq Composite Index rose by 11.63 to 2292.31, up 0.51%. Standard & Poor's 500 Index rose by 4.18 to 1122.97, up 0.37%. But CRB index closed at 274.80 on March 4th, down 2.91, or down 1.05%, and commodity futures generally declined.
The US Department of Commerce announced that the factory orders increased by 1.7% in January after seasonal adjustment and market players predict the factory orders in January will rise by 2% compared with December 2009. The National Association of Realtors announced that the pending home sales index in January fell by 7.6% to 90.4, while economists predicted previously the pending home sales index in January would rise by 0.5%. The weak economic data generated market concerns over economic recovery, which in turn weighed down base metals prices, but only LME aluminum remained strong, and closed up, with the highest price at USD 2,250/mt, since the steady declines in LME aluminum inventories helped boost market confidence in the improvement in market fundamentals, and the high crude oil prices also helped support aluminum prices. However, SHFE aluminum prices will continue to remain weak in view of the growing domestic aluminum inventories and weak performance of spot aluminum market, and SHFE 1006 aluminum contract prices are expected to fluctuate in the RMB 16,800-17,000/mt range today.
To contact the writer on this report: firstname.lastname@example.org
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: email@example.com