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SMM Morning Review - 2010/6/9 Aluminum Market
Jun 9,2010 10:10CST
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SHANGHAI, June 9 (SMM) -- Dow Jones Industrial Average closed at 9,939 last night, up 123, supported by rising commodity shares and financial shares. The euro stabilized and even climbed above 1.2, but finally ended at 1.1960. US crude oil futures rebounded to USD 72.55/bbl, and base metals prices temporarily ended their continuous slumps as well.

LME aluminum prices opened at USD 1,862/mt, with the highest prices reported at USD 1,920/mt, and finally prices ended at USD 1,917/mt, up USD 43/mt compared with the previous trading day. Total positions were 773,531 lots, down 84 lots. LME aluminum inventories declined by 7,875 mt to 4,517,225 mt. LME aluminum prices moved higher to test the 5-day moving average, but technical indicators show an unclear direction, so whether or not LME aluminum prices can rebound consecutively in the future will depend on external environment.

SHFE aluminum prices open at RMB 14,350/mt today, up 1%, with prices heading for RMB 14,500/mt. Spot aluminum prices will likely test the RMB 14,000/mt mark today with support needed from the recovery in market confidence.      

To contact the writer on this report: ericzhang@smm.cn


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