Home / Metal News / Aluminium / SMM Morning Review - 2010/8/25 Aluminum Market
SMM Morning Review - 2010/8/25 Aluminum Market
Aug 25, 2010 10:20CST
Source:SMM

SHANGHAI, Aug. 25 (SMM) -- The National Association of Realtors announced yesterday the US existing home sales plunged by 27.2% to a 3.83 million annual rate in July, hitting a new low since May 1995. The disappointing housing data triggered market concerns and caused market players to shift their risky assets. As a result, Dow Jones Industrial Average plummeted by 133.96 points, and key economic index in Europe also posted a drop of over 1%, but the transfer of risk appetite drove up the yen, with the yen setting a record high since 2001 against the euro. The US dollar index fell slightly depressed by market concerns over the pace of economic recovery, while crude oil prices fell by USD 1.47/bbl to USD 71.63/bbl. LME base metals prices retreated as well.

LME aluminum prices opened at USD 2,045/mt, and then hit the lowest level of USD 2,015/mt, and finally closed at USD 2,026/mt, down USD 18/mt, or down 0.9%. Total trading volumes were 111,199 lots, and total positions were down more than 5,000 lots to 658,933 lots. LME aluminum inventories declined by 3,775 mt to 4,456,375 mt. LME aluminum prices fell slower compared with other base metals supported by steady declines in LME aluminum inventories.

SHFE aluminum prices opened slightly lower today negatively affected by LME aluminum prices, and although the pessimism is gaining in overall financial markets, the slower pace of aluminum price declines recently will help SHFE aluminum prices continue to fluctuate in a narrow band, and SMM expects SHFE 1011 aluminum contract prices to move between RMB 15,250-15,450/mt today.      

 

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

Aluminum Al
Aluminum price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn