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SMM Morning Review - 2010/7/29 Aluminum Market
Jul 29,2010 10:02CST
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SHANGHAI, July 29 (SMM) -- LME base metals prices closed with gains yesterday. LME aluminum prices opened at USD 2,056/mt, with the highest level and the lowest level at USD 2,086/mt and USD 2,054/mt, respectively, and finally ended at USD 2,069/mt, up USD 12/mt compared with the previous trading day, or up 0.6%. Total trading volumes reported 118,632 lots, and total positions grew slightly. LME aluminum inventories declined further by 4,650 to 4,395,125 mt.

Yesterday, the US government announced the durable goods orders in June slipped by 1.0%, weaker than market expected, and market response was mixed. The Federal Reserve said the economic growth in some regions is slowing, and corporate earnings reports from Boeing and other enterprises dipped, both allowing the European and the US stock markets to face selling pressure and to close with declines in response. However, LME base metals prices were driven up by a weaker US dollar and steady declines in inventories, and LME aluminum prices also extended the seven consecutive days of gains.

SHFE 1010 aluminum contract prices failed to break through the RMB 15,500/mt mark yesterday, and are expected to try to break this level today with the help of gains in LME aluminum prices last night. In addition, special attention should be paid to financial market movements.   


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