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SMM Morning Review - 2010/8/17 Aluminum Market
Aug 17, 2010 09:55CST
Source:SMM

SHANGHAI, Aug. 17 (SMM) -- Yesterday, strengthening yen and euro erased recent strong gains in the US dollar. Meanwhile, the US dollar failed to strengthen despite of the negative manufacturing data in the US, with the US dollar index closing at 82.503, down 0.5%. In response, LME base metals prices closed with gains. 
 
LME aluminum prices opened at USD 2,125/mt, with the highest level and the lowest level at USD 2,131/mt and USD 2,110/mt, respectively, and finally ended at USD 2,118/mt, up USD 8/mt compared with the previous trading day, or up 0.4%. Total trading volumes were 204,455 lots, and total positions were 719,734 lots, down 1,586 lots. LME aluminum inventories declined by 4,425 mt to 4,377,975 mt.

SHFE aluminum prices have broken the 5-day moving average yesterday, and SHFE 1011 aluminum contract prices opened slightly higher at RMB 15,500/mt, trying to stand steady at this level. SMM predicts SHFE 1011 aluminum contract prices will fluctuate between RMB 15,400-15,600/mt today.     

 

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