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SMM Morning Review - 2010/7/6 Aluminum Market
Jul 6,2010 09:57CST
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Source:SMM

SHANGHAI, July 6 (SMM) -- LME aluminum prices opened at USD 1,940/mt, with the highest level and the lowest level at USD 1,957/mt and USD 1,931/mt, respectively, and finally ended at USD 1,937/mt, unchanged compared with the previous trading day. Total trading volumes reported 61,450 lots, and total positions were 759,247 lots, up 1,506 lots. LME aluminum inventories declined by 6,100 mt to 4,410,775 mt.

US markets were closed yesterday (July 5th) for the Independence Day holiday. The European stocks closed with declines last night still negatively affected by weaker-than-expected US employment data in June, as no additional news was released. The US dollar index inched up, and closed at 84.7. Market transactions were lackluster, and investors are pay close attention to the upcoming China's trade data, as well as the monetary policy meeting to be held on Thursday by European Central Bank and Bank of England. 

SHFE base metals prices opened lower, but SHFE aluminum prices fell at a slower pace compared with other base metals supported by recent rumors of aluminum production cuts and steady declines in LME and SHFE aluminum inventories. Special attention should be paid to the impact on financial markets from the online subscription to the Agricultural Bank of China (ABC)'s A-share initial public offering (IPO).    

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

 

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