SMM Morning Review - 2010/5/12 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/5/12 Aluminum Market

SMM Insight 10:06:52AM May 12, 2010 Source:SMM

SHANGHAI, May 12 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,145/mt, with the highest level and the lowest level at USD 2,146.75/mt and USD 2,055.5/mt, respectively, and finally prices ended at USD 2,105/mt, up USD 44/mt compared with the previous trading day, or up 0.21%. Total trading volumes reported 215,420 lots, and total positions were 738,878 lots, up 5,508 lots. LME aluminum inventories declined by 5,325 mt to 4,495,775 mt.

Market concerns over the emergency aid package worth USD 1 trillion for Greece were growing, and the US dollar index remained strong as a result. China's Consumer Price Index (CPI) in April also set a record high of 2.8% since the financial crisis erupted in late 2008, and market worries on China's inflation have shifted to concerns over market demand for base metals.   

SMM predicts domestic aluminum prices will fall slightly today, and the performance of Shanghai Composite Index and the US dollar index trends today will affect SHFE aluminum price trends.

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 - 2010/5/12 Aluminum Market

SMM Insight 10:06:52AM May 12, 2010 Source:SMM

SHANGHAI, May 12 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,145/mt, with the highest level and the lowest level at USD 2,146.75/mt and USD 2,055.5/mt, respectively, and finally prices ended at USD 2,105/mt, up USD 44/mt compared with the previous trading day, or up 0.21%. Total trading volumes reported 215,420 lots, and total positions were 738,878 lots, up 5,508 lots. LME aluminum inventories declined by 5,325 mt to 4,495,775 mt.

Market concerns over the emergency aid package worth USD 1 trillion for Greece were growing, and the US dollar index remained strong as a result. China's Consumer Price Index (CPI) in April also set a record high of 2.8% since the financial crisis erupted in late 2008, and market worries on China's inflation have shifted to concerns over market demand for base metals.   

SMM predicts domestic aluminum prices will fall slightly today, and the performance of Shanghai Composite Index and the US dollar index trends today will affect SHFE aluminum price trends.

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