SMM Morning Review - 2010/6/30 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/6/30 Aluminum Market

SMM Insight 10:19:25AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,015/mt, with the highest level and the lowest level at USD 2,015.25/mt and USD 1,940/mt, respectively, and finally ended at USD 1,947/mt, down USD 82/mt compared with the previous trading day, or down 4%. Total trading volumes reported 106,792 lots, and total positions were 745,798 lots, down 4,019 lots. LME aluminum inventories declined by 7,075 mt to 4,433,550 mt.

China's A-shares plummeted by 108 points to a 14-month low on Tuesday (June 29th), and ended at 2,427 points. Economic data in China and the US: The leading economic indicator for China in April experienced the smallest growth over five months; the US Conference Board announced last Friday that the consumer confidence index in June was weaker than expected, with the index falling to 52.9 from May levels of 62.7, setting a record low since March 2010. Market concerns over whether or not Chinese and the US economy can maintain strong growth, as well as over the European banking industry dragged down global stocks markets on Tuesday, with Dow Jones Industrial Average falling by 268.2 points to 9870.3 points, and Nasdaq Composite Index, Standard & Poor's 500 Index, and PHLX Semiconductor Index all dropping by over 3%. Crude oil futures closed at USD 75.94/bbl, down USD 2.31/bbl. Commodity markets slumped as well. 

SHFE base metals experienced sharp declines yesterday, triggering market concerns. As a result, SHFE aluminum prices opened lower, with prices falling below all moving averages. SMM predicts SHFE aluminum prices will continue to edge lower today, with SHFE 1009 aluminum contract prices expected to test the RMB 14,500/mt support level in the short term. 
   
To contact the writer on this report: ericzhang@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

more
Aluminum Ingot
Apr.26
14170.0
-60.0
(-0.42%)
Aluminum Ingot - Fo Shan
Apr.26
14180.0
-70.0
(-0.49%)
Aluminum Ingot - Wu Xi
Apr.26
14150.0
-60.0
(-0.42%)
Aluminum Ingot - Hang Zhou
Apr.26
14190.0
-45.0
(-0.32%)
Aluminum Ingot - Chong Qing
Apr.26
14170.0
-50.0
(-0.35%)

SMM Morning Review - 2010/6/30 Aluminum Market

SMM Insight 10:19:25AM Jun 30, 2010 Source:SMM

SHANGHAI, June 30 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,015/mt, with the highest level and the lowest level at USD 2,015.25/mt and USD 1,940/mt, respectively, and finally ended at USD 1,947/mt, down USD 82/mt compared with the previous trading day, or down 4%. Total trading volumes reported 106,792 lots, and total positions were 745,798 lots, down 4,019 lots. LME aluminum inventories declined by 7,075 mt to 4,433,550 mt.

China's A-shares plummeted by 108 points to a 14-month low on Tuesday (June 29th), and ended at 2,427 points. Economic data in China and the US: The leading economic indicator for China in April experienced the smallest growth over five months; the US Conference Board announced last Friday that the consumer confidence index in June was weaker than expected, with the index falling to 52.9 from May levels of 62.7, setting a record low since March 2010. Market concerns over whether or not Chinese and the US economy can maintain strong growth, as well as over the European banking industry dragged down global stocks markets on Tuesday, with Dow Jones Industrial Average falling by 268.2 points to 9870.3 points, and Nasdaq Composite Index, Standard & Poor's 500 Index, and PHLX Semiconductor Index all dropping by over 3%. Crude oil futures closed at USD 75.94/bbl, down USD 2.31/bbl. Commodity markets slumped as well. 

SHFE base metals experienced sharp declines yesterday, triggering market concerns. As a result, SHFE aluminum prices opened lower, with prices falling below all moving averages. SMM predicts SHFE aluminum prices will continue to edge lower today, with SHFE 1009 aluminum contract prices expected to test the RMB 14,500/mt support level in the short term. 
   
To contact the writer on this report: ericzhang@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