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SMM Morning Review - 2010/8/11 Aluminum Market
Aug 11, 2010 09:44CST
Source:SMM

SHANGHAI, Aug. 11 (SMM) -- LME base metals prices closed with declines yesterday. LME aluminum prices opened at USD 2,185/mt, with the highest level and the lowest level at USD 2,185/mt and USD 2,150/mt, respectively, and finally ended at USD 2,170/mt, down USD 12/mt compared with the previous trading day, or down 0.55%. Total trading volumes were 167,178 lots, and total positions were 723,087 lots, down 115 lots. LME aluminum inventories declined by 5,175 mt to 4,386,475 mt.

Market players were pessimistic toward China's economic data due for release on Wednesday. The Federal Open Market Committee said in a statement in Washington that the pace of economic recovery is likely to be more modest in the near term than had been anticipated, and retained a commitment to keep the benchmark interest rate close to zero for an "extended period". In response, the European and the US stock markets closed with declines. Although the Fed's move eroded the value of the US dollar index, the index still advanced yesterday, hitting a high of 81.534, and base metals prices slid as a result. LME aluminum prices experienced only limited declines supported by steady declines in LME aluminum inventories.  

SHFE aluminum prices have fallen below 5-day and 10-day moving averages yesterday, with technical indicators showing signs of declining. China will release a series of economic data for July at 10:00 am today including CPI and PPI, which will show a direction for stock markets and affect base metals prices trends.      

 

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