SMM Morning Review - 2010/3/23 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/3/23 Aluminum Market

SMM Insight 10:46:49AM Mar 23, 2010 Source:SMM

SHANGHAI, Mar. 23 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,263/mt, with the highest level and lowest level at USD 2,264/mt and USD 2,221/mt, respectively, and finally prices ended at USD 2,259/mt. Total trading volumes reported 6,432 lots, and positions were 695,681 lots. LME aluminum inventories declined by 8,450 mt to 4,603,275 mt.

The Greece sovereign debt crisis faced difficulties to get support from Germany, leaving uncertain outlook, but the US dollar index moved lower after soaring, an indication the negative impact on commodity markets from Greece debt crisis has waned, and any upward room for the US dollar index is expected to narrow today. However, base metals prices were still negatively affected by recent news of lending curbs, and LME aluminum prices slipped all the way, and long momentum reported shortages, and LME aluminum prices will likely fall in the near term. 

SMM believes SHFE 1006 aluminum contract prices decline further today negatively affected by LME aluminum prices, with prices expected to move in the RMB 16,600-16,800/mt range.

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 - 2010/3/23 Aluminum Market

SMM Insight 10:46:49AM Mar 23, 2010 Source:SMM

SHANGHAI, Mar. 23 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,263/mt, with the highest level and lowest level at USD 2,264/mt and USD 2,221/mt, respectively, and finally prices ended at USD 2,259/mt. Total trading volumes reported 6,432 lots, and positions were 695,681 lots. LME aluminum inventories declined by 8,450 mt to 4,603,275 mt.

The Greece sovereign debt crisis faced difficulties to get support from Germany, leaving uncertain outlook, but the US dollar index moved lower after soaring, an indication the negative impact on commodity markets from Greece debt crisis has waned, and any upward room for the US dollar index is expected to narrow today. However, base metals prices were still negatively affected by recent news of lending curbs, and LME aluminum prices slipped all the way, and long momentum reported shortages, and LME aluminum prices will likely fall in the near term. 

SMM believes SHFE 1006 aluminum contract prices decline further today negatively affected by LME aluminum prices, with prices expected to move in the RMB 16,600-16,800/mt range.

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