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SMM Morning Review - 2010/7/12 Aluminum Market
Jul 12,2010 10:16CST
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SHANGHAI, July 12 (SMM) -- LME base metals prices closed with gains last Friday (July 9th). LME aluminum prices opened at USD 1,986/mt, with the highest level and the lowest level at USD 2,010/mt and USD 1,983/mt, respectively, and finally ended at USD 2,005/mt, up USD 15/mt compared with the previous trading day, or up 0.75%. Total trading volumes reported 110,643 lots, and total positions were 756,348 lots, up 7,066 lots. LME aluminum inventories declined by 5,875 mt to 4,398,000 mt.

Global stock markets strengthened last Friday, helping boost commodity markets. China's A-shares market reported the largest growth over two weeks on July 9th, and investor optimism toward the upcoming China's import data increased the strength of China's consumption. However, the euro slipped by 0.47% from an 8-week high against the US dollar due to technical pressure, and finally ended at 1.2637. LME aluminum inventories still remained high despite of continuous declines, weighing down recent aluminum prices, and LME aluminum prices rose at a slower pace and moved narrowly last Friday as a result.

SHFE aluminum prices opened slightly higher today, and SHFE 1009 aluminum contract prices failed to stand above the RMB 15,000/mt mark last Friday, and SMM predicts SHFE 1009 aluminum contract prices will test the RMB 15,000/mt resistance level today if other base metals prices and China's stock markets strengthen, with prices expected to move between RMB 14,850-15,050/mt.     

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


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