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SMM Morning Review - 2010/12/6 Aluminum Market
Dec 6,2010 09:25CST
smm insight

SHANGHAI, Dec, 6 (SMM) -- The US Labor Department announced on December 3rd that the US non-farm payrolls in November increased by 39,000, with the rise much lower than the expected level, while the unemployment rate was 9.8%, hitting a 7-month high. The weak employment data depressed investor confidence.

LME aluminum prices opened at USD 2,358/mt, and later slipped steadily to a low of USD 2,318/mt. LME aluminum prices later pared some losses supported by a weaker US dollar, with prices finally closing at USD 2,326/mt, down 1.2%. Positions increased by 3,888 lots, while LME aluminum inventories increased by 1,200 mt to 4,285,500 mt.

SHFE aluminum prices opened slightly higher today, and fluctuated around the 60-day moving average. SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,450-16,600/mt today.               


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