SMM Morning Review - 2010/3/8 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/8 Aluminum Market

SMM Insight 10:42:31AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- Last Friday, LME aluminum prices opened at USD 2,210/mt, with the highest level and lowest level at USD 2,260/mt and USD 2,207/mt, respectively, and finally prices ended at USD 2,225/mt. Total trading volumes reported 8,941 lots, and positions were 705,788 lots. LME aluminum inventories declined by 6,850 mt to 4,545,125 mt.

The US Department of Labor announced last Friday that the non-farm employment declined by 36,000 to 129.5 million in February, better than the market expected, which helped push up commodity prices. However, current commodity market outlook was mixed, since whether or not the sovereign debt crisis in Greece can be resolved remains uncertain, and the bailout plans for Greece from other countries in Euro zone remain unclear. The US dollar index has moved in the 80-81 range for nearly one month, with the index expected to break through this range. The economic crisis in Euro zone may be attacked by financial operations, which will stimulate the US dollar index to advance further, and commodity prices are expected to fluctuate this week, as the Australian Government raises the interest rate again, and Chinese demand has not fully recovered, and the US dollar index is expected to strengthen.

SMM predicts SHFE 1006 aluminum contract prices will continue to fluctuate today, with prices expected to move in the RMB 16,900-17,000/mt range, in view of rising low-end LME aluminum prices last Friday.

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

 

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: service.en@smm.cn

SMM Morning Review - 2010/3/8 Aluminum Market

SMM Insight 10:42:31AM Mar 08, 2010 Source:SMM

SHANGHAI, Mar. 8 (SMM) -- Last Friday, LME aluminum prices opened at USD 2,210/mt, with the highest level and lowest level at USD 2,260/mt and USD 2,207/mt, respectively, and finally prices ended at USD 2,225/mt. Total trading volumes reported 8,941 lots, and positions were 705,788 lots. LME aluminum inventories declined by 6,850 mt to 4,545,125 mt.

The US Department of Labor announced last Friday that the non-farm employment declined by 36,000 to 129.5 million in February, better than the market expected, which helped push up commodity prices. However, current commodity market outlook was mixed, since whether or not the sovereign debt crisis in Greece can be resolved remains uncertain, and the bailout plans for Greece from other countries in Euro zone remain unclear. The US dollar index has moved in the 80-81 range for nearly one month, with the index expected to break through this range. The economic crisis in Euro zone may be attacked by financial operations, which will stimulate the US dollar index to advance further, and commodity prices are expected to fluctuate this week, as the Australian Government raises the interest rate again, and Chinese demand has not fully recovered, and the US dollar index is expected to strengthen.

SMM predicts SHFE 1006 aluminum contract prices will continue to fluctuate today, with prices expected to move in the RMB 16,900-17,000/mt range, in view of rising low-end LME aluminum prices last Friday.

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

 

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: service.en@smm.cn