SMM Morning Review - 2010/6/22 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/22 Aluminum Market

SMM Insight 10:36:19AM Jun 22, 2010 Source:SMM

SHANGHAI, June 22 (SMM) -- Dow Jones Industrial Average surged by 143 points to 10,591.8 points stimulated by China's currency move, as well as strengthening Asian stock markets and commodity prices, but later edged lower given stabilizing US dollar index and the withdrawal of investors. Crude oil futures jumped to USD 78.92/bbl, and closed at USD 77.82/bbl, up 0.8%, or up Cents 64/bbl.

LME aluminum prices closed with gains, with the highest level and lowest level at USD 2,019/mt and USD 1,940/mt, respectively, and finally prices ended at USD 1,951/mt. Positions surged by 13,311 lots to 746,000 lots, and LME aluminum inventories continued to decline by 6,825 mt to 4,476,350 mt. LME aluminum prices were pressed by the 30-day moving average, searching for the support at USD 1,930/mt in the short term.

SHFE 1009 aluminum contract prices opened lower at RMB 14,800/mt today, with prices expected to find support at the 5-day moving average and fluctuate between RMB 14,700-15,000/mt. Spot aluminum prices are expected to climb to RMB 14,500/mt today.

To contact the writer on this report: Jiangning@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

Key Words:  Aluminum Al  Aluminum price 

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Morning Review - 2010/6/22 Aluminum Market

SMM Insight 10:36:19AM Jun 22, 2010 Source:SMM

SHANGHAI, June 22 (SMM) -- Dow Jones Industrial Average surged by 143 points to 10,591.8 points stimulated by China's currency move, as well as strengthening Asian stock markets and commodity prices, but later edged lower given stabilizing US dollar index and the withdrawal of investors. Crude oil futures jumped to USD 78.92/bbl, and closed at USD 77.82/bbl, up 0.8%, or up Cents 64/bbl.

LME aluminum prices closed with gains, with the highest level and lowest level at USD 2,019/mt and USD 1,940/mt, respectively, and finally prices ended at USD 1,951/mt. Positions surged by 13,311 lots to 746,000 lots, and LME aluminum inventories continued to decline by 6,825 mt to 4,476,350 mt. LME aluminum prices were pressed by the 30-day moving average, searching for the support at USD 1,930/mt in the short term.

SHFE 1009 aluminum contract prices opened lower at RMB 14,800/mt today, with prices expected to find support at the 5-day moving average and fluctuate between RMB 14,700-15,000/mt. Spot aluminum prices are expected to climb to RMB 14,500/mt today.

To contact the writer on this report: Jiangning@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

Key Words:  Aluminum Al  Aluminum price