SMM Morning Review - 2010/12/6 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/6 Aluminum Market

SMM Insight 09:25:33AM Dec 06, 2010 Source:SMM

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.               

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Price

more
Aluminum Ingot
Aug.26
14250.0
-60.0
(-0.42%)
Aluminum Ingot - Fo Shan
Aug.26
14270.0
-50.0
(-0.35%)
Aluminum Ingot - Wu Xi
Aug.26
14250.0
-60.0
(-0.42%)
Aluminum Ingot - Hang Zhou
Aug.26
14260.0
-65.0
(-0.45%)
Aluminum Ingot - Chong Qing
Aug.26
14280.0
-60.0
(-0.42%)

SMM Morning Review - 2010/12/6 Aluminum Market

SMM Insight 09:25:33AM Dec 06, 2010 Source:SMM

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.               

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn