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SMM Morning Review - 2010/11/30 Aluminum Market
Nov 30, 2010 09:48SHANGHAI, Nov. 30 (SMM) -- European government officials agreed on offering Ireland an 85 billion-euro lifeline, which helped drive up investors' risk appetite, but later the persistent concerns over the debt crisis in other European countries weighed down the euro but pushed up the US dollar. The US dollar index hit a high of 81.137, and closed at 80.882, weighing on LME aluminum prices.
LME aluminum prices were stronger than other base metals prices, and climbed to USD 2,278/mt after opening at USD 2,276/mt, but later fell rapidly to a low of USD 2,254/mt. As the US dollar index underwent downward corrections at the end of trading, LME aluminum prices rallied in response, and finally closed at USD 2,270/mt, unchanged from the previous trading day. Positions increased significantly by 14,945 lots, while LME aluminum inventories fell slightly to 4,281,325 mt.
SHFE 1102 aluminum contract prices continued to fluctuate below the 5-day moving average and tested the pressure at this level. SMM predicts SHFE 1102 aluminum contract prices will move between RMB 16,100-16,300/mt today.
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