Metals News
SMM Morning Review - 2010/3/9 Aluminum Market
smm insight
Mar 9,2010

SHANGHAI, Mar. 9 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,226/mt, with the highest level and lowest level at USD 2,265/mt and USD 2,220/mt, respectively, and finally prices ended at USD 2,232/mt. Total trading volumes reported 7,214 lots, and positions were 711,194 lots. LME aluminum inventories declined by 6,225 mt to 4,538,900 mt.

The Conference Board said yesterday that the Employment Trends Index in February rose to 93.5, which has improved for six consecutive months, and market players were waiting for other economic data which will be released in late this week. The US dollar index moved weakly, with the pressure level of 80.5 remaining strong, but the index is expected to make breakthrough in the near term, with further gains expected, which will have downward pressure on base metals prices.

SMM predicts SHFE 1006 aluminum contract prices will continue to fluctuate higher today, but the limited recovery in recent demand and high aluminum inventories will restrict the upward movements in aluminum prices, so SHFE 1006 aluminum contract prices will move in the RMB 16,950-17,200/mt range. 

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