SMM Morning Review - 2010/8/24 Aluminum Market

SHANGHAI, Aug. 24 (SMM) -- Investors were cautious yesterday due to a lack of important economic data, and the US equities fluctuated lower slightly, while European stocks strengthened driven up by mining and financial stocks. Concerns that the pace of economic recovery will slow continued to support the US dollar index to close at 83.329, and LME base metals prices were mixed last night.  

LME aluminum prices opened at USD 2,055/mt, with the highest level and lowest level at USD 2,072/mt and USD 2,038/mt, respectively, and finally prices ended USD 2,044/mt, up USD 4/mt, or up 0.2%. Total trading volumes were 132,064 lots, and total positions were down more than 3,000 lots to 664,427 lots. LME aluminum inventories declined by 4,675 mt to 4,460,150 mt.

SHFE aluminum prices show signs of rising after opening slightly lower today, but prices still lack upward momentum before overall market sentiment improves. Special attention should be paid to SSE Composite Index trends today, and SMM predicts SHFE 1011 aluminum contract prices will move between RMB 15,250-15,450/mt.     

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn