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SMM Morning Review - 2010/6/1 Aluminum Market
Jun 1,2010 09:59CST
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SHANGHAI, June 1 (SMM) -- The financial markets in the UK and the US were closed yesterday, and the US dollar index moved narrowly around 86.7, and LME metals prices opened slightly lower in the morning on the electronic trading. Yesterday, news concerning property tax caused stock markets to plunge before closing, and although SHFE aluminum prices fell at a slower pace, the pessimistic sentiment is expected to continue today, and SHFE 1008 aluminum contract prices are expected to fall below the 5-day moving average. However, SHFE 1008 aluminum contract prices will find support at the 10-day moving average, with prices expected to move between RMB 15,200-15,400/mt if market fundamentals report no significant changes or stock markets record no sharp declines. Special attention should be paid to possible production cuts caused by crude oil price fluctuations and electricity price hikes for domestic aluminum producers in the near term.        

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