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SMM Morning Review - 2010/9/19 Aluminum Market
Sep 19,2010 11:04
CSTsmm insight
Source:SMM
SHANGHAI, Sept. 19 (SMM) -- Last Friday, LME base metals prices closed with gains supported by steady declines in LME inventories. LME aluminum prices opened at USD 2,163.5/mt, with the highest level and lowest level at USD 2,214/mt and USD 2,156.3/mt, respectively. The euro weakened during the European trading period, helping push up the US dollar index to 81.415, and LME aluminum prices lost some gains as a result, with prices finally closing at USD 2,182/mt, with an intraday rise of over 1%. Trading volumes and positions increased, indicating LME aluminum prices still have upward momentum, but prices will likely struggle at USD 2,200/mt amid heavy pressure at this mark. The Shanghai Futures Exchange is closed today.
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