SHANGHAI, Apr. 9 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,350/mt, with the highest level and lowest level at USD 2,365/mt and USD 2,323.5/mt, respectively, and finally prices ended at USD 2,363/mt. Total trading volumes reported 7,117 lots, and positions were 690,139 lots. LME aluminum inventories declined by 4,700 mt to 4,586,125 mt.
The US government announced the initial claims for unemployment benefits rose to 460,000 last week, higher than the estimated level of 435,000, and the fluctuating employment data caused the US dollar index to fall from the high level, which in turn supported base metals prices. The expectations of RMB appreciation strengthened further, and market expectations of possible RMB appreciation were emerging in the market despite of waning external pressure, and market players were paying close attentions to the talks between the US Treasury Secretary Geithner and Chinese Vice Premier Wang Qishan. Base metals entered the seasonal peak demand period recently, and although the macro economic data was mixed, the demand from end-users is expected to have positive impact on base metals markets, and market optimism is gaining as a result.
SMM predicts SHFE 1007 aluminum contract prices will move in the RMB 16,800-16,900/mt range today. SHFE aluminum prices will move higher slightly today in view of significant declines in aluminum prices yesterday, but long sentiment did not fully recover, with relatively strong upward pressure expected.
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