SMM Morning Review - 2010/3/11 Aluminum Market-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Copper
  • Aluminium
  • Copper scrap
  • Stainless steel
  • Nickel
  • Macroeconomics
  • Evening comments
  • Tin
  • Market commentary
  • inventory
  • निकल

SMM Morning Review - 2010/3/11 Aluminum Market

SMM Insight 10:13:52AM Mar 11, 2010 Source:SMM

SHANGHAI, Mar. 11 (SMM) -- Yesterday, three-month LME aluminum prices closed at USD 2,225/mt, down USD 28/mt. Positions reported 709,444 lots, up slightly. CRB index closed at 274.62 on March 10th, down 0.17 or down 0.06%. The US dollar index declined, and the risk appetite improved in the market, helping boost nonferrous metals futures market which enjoys high yield and high risk. However, the US wholesale inventories dropped by 0.2% in January unexpectedly supported by significantly growing demand, while the wholesale inventories in January would increase by 0.2% according to previous prediction. The wholesalers’ sales report show the US wholesalers’ sales amount increased by 1.3% to USD 346.7 billion in January after seasonal adjustment, lower than previous forecast, which depressed metals market sentiment. SMM predicts SHFE aluminum prices will fluctuate around RMB 17,000/mt in the near term.

To contact the writer on this report: seasonwei@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 - 2010/3/11 Aluminum Market

SMM Insight 10:13:52AM Mar 11, 2010 Source:SMM

SHANGHAI, Mar. 11 (SMM) -- Yesterday, three-month LME aluminum prices closed at USD 2,225/mt, down USD 28/mt. Positions reported 709,444 lots, up slightly. CRB index closed at 274.62 on March 10th, down 0.17 or down 0.06%. The US dollar index declined, and the risk appetite improved in the market, helping boost nonferrous metals futures market which enjoys high yield and high risk. However, the US wholesale inventories dropped by 0.2% in January unexpectedly supported by significantly growing demand, while the wholesale inventories in January would increase by 0.2% according to previous prediction. The wholesalers’ sales report show the US wholesalers’ sales amount increased by 1.3% to USD 346.7 billion in January after seasonal adjustment, lower than previous forecast, which depressed metals market sentiment. SMM predicts SHFE aluminum prices will fluctuate around RMB 17,000/mt in the near term.

To contact the writer on this report: seasonwei@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