Metals News
SMM Morning Review - 2010/3/19 Aluminum Market
smm insight
Mar 19,2010

SHANGHAI, Mar. 19 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,300/mt, with the highest level and lowest level at USD 2,300/mt and USD 2,273.5/mt, respectively, and finally prices ended at USD 2,278/mt. Total trading volumes reported 6,684 lots, and positions were 696,195 lots. LME aluminum inventories jumped by 72,175 mt to 4,618,200 mt.

The US Department of Commerce announced on Thursday that the 4Q current account deficit was USD 115.59 billion, with the proportion up from 3Q levels of 2.9% to 3.2%. Meanwhile, the US Department of Labor announced the initial applications for unemployment benefits last week fell to 457,000, reinforcing the accompanying statement released by the US Federal Reserve after the interest-rate meeting that the labor market is stabilizing, and market players were more optimistic toward labor market compared with January. The condition of labor market became the important factor for the US government to consider the exit of loose monetary policy, so the US dollar index rebounded significantly yesterday, with the index again climbing to 80, and the US dollar index has advanced for two consecutive days, an indication that the long sentiment is gaining momentum, which will in turn exert downward pressure on base metals prices.

SMM predicts SHFE 1006 aluminum contract prices will move in the RMB 16,650-16,850/mt range today.

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