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SMM Morning Review - 2010/12/3 Aluminum Market
Dec 3,2010 09:34CST
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SHANGHAI, Dec. 3 (SMM) -- Data released by the US government yesterday shows that the number of applications for jobless benefits increased last week, but pending sales of US existing houses jumped by 10.4% in October, much batter than the expected level of a 0.5% drop, helping offset the negative impact from job markets. The European debt crisis eased recently, and LME base metals prices climbed supported by strong buying. 

Although the US dollar index hit a low of 80.069 at the end of trading, LME aluminum prices still opened higher at USD 2,365/mt driven up by previously weakening US dollar index. The US dollar index briefly rebounded to 81 during the day, and LME aluminum prices dipped slightly to a low of USD 2,348/mt in response, but later rallied again at the tail of trading, with prices finally closing at USD 2,355/mt, up USD 15/mt. LME aluminum inventories fell by 4,450 mt to 4,284,300 mt. 

SHFE aluminum prices failed to keep pace with LME aluminum prices due to weak market fundamentals, and the support at the 60-day moving average was fragile. SMM predicts SHFE 1103 aluminum contract prices will fluctuate between RMB 16,420-16,620/mt today.       


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