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SMM Morning Review - 2010/5/12 Aluminum Market
May 12,2010 10:06CST
smm insight
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

 

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