SMM Morning Review - 2010/12/8 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/8 Aluminum Market

SMM Insight 09:43:30AM Dec 08, 2010 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- On Tuesday, US President Barack Obama said he would agree to extend Bush-era tax cuts for two years, and market players were neutral toward this news. The US dollar index weakened to a low of 79.202 first, but later strengthened steadily to 79.931 during European trading hours. The stronger US dollar weighed down LME aluminum prices, and LME aluminum prices climbed to USD 2,351/mt after opening, but later lost gains and finally closed at USD 2,305/mt, unchanged from a day earlier. Positions increased by 2,085 lots to 729,418 lots, while LME aluminum inventories fell by 4,500 mt to 4,287,225 mt.  

SHFE aluminum prices opened lower today, with prices even falling below short-term moving averages but later fluctuating around the 10-day moving average, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,350-16,530/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

SMM Morning Review - 2010/12/8 Aluminum Market

SMM Insight 09:43:30AM Dec 08, 2010 Source:SMM

SHANGHAI, Dec. 8 (SMM) -- On Tuesday, US President Barack Obama said he would agree to extend Bush-era tax cuts for two years, and market players were neutral toward this news. The US dollar index weakened to a low of 79.202 first, but later strengthened steadily to 79.931 during European trading hours. The stronger US dollar weighed down LME aluminum prices, and LME aluminum prices climbed to USD 2,351/mt after opening, but later lost gains and finally closed at USD 2,305/mt, unchanged from a day earlier. Positions increased by 2,085 lots to 729,418 lots, while LME aluminum inventories fell by 4,500 mt to 4,287,225 mt.  

SHFE aluminum prices opened lower today, with prices even falling below short-term moving averages but later fluctuating around the 10-day moving average, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,350-16,530/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