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SMM Morning Review - 2010/9/6 Aluminum Market
Sep 6,2010 09:40CST
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Source:SMM

SHANGHAI, Sept. 6 (SMM) -- The long-waited US nonfarm employment in August released last Friday fell by 54,000, helping ease market concerns. However, the pessimistic US non-manufacturing index in August dampened buying interest. Investors adopted a cautious attitude in the base metals market amid mixed economic data.     

Although the US dollar index weakened further, the recovering crude oil prices helped drive up LME aluminum prices slightly. LME aluminum prices opened at USD 2,145/mt, with the lowest level and highest level at USD 2,140/mt and USD 2,170/mt, respectively. At the tail of trading, LME aluminum prices fell slightly before closing at USD 2,148/mt, up USD 3/mt compared with the previous trading day, with a gain of 0.14%. Total trading volumes were 90,947 lots, and total positions increased slightly by 2,361 lots to 658,356 lots. LME aluminum inventories declined by 5,375 mt to below 4.43 million mt.

SHFE aluminum prices again opened higher, and remained strong for three consecutive trading days. If the Shanghai Stock Exchange Composite Index shows positive performance today, SHFE 1012 aluminum contract prices are expected to hold steady at RMB 15,700/mt and then move higher, with eyes on the effect from regional energy-saving and emission-reduction tasks on aluminum production.       

 

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