SMM Morning Review - 2010/12/13 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/13 Aluminum Market

SMM Insight 09:27:26AM Dec 13, 2010 Source:SMM

SHANGHAI, Dec. 13 (SMM) -- China's central bank said on its website on December 10th that it would lift the bank reserve requirement ratio by 50 basis points from December 20th in order to curb accelerating inflation. China's tightening monetary policy allowed investors to take a cautious attitude, and the US dollar index fell below 80, but began to rebound during the European trading hours, soaring to 80.304 but later closing at 80.107. LME aluminum prices fell from an intraday high of USD 2,344/mt to a low of USD 2,308/mt, down USD 30/mt, or down 1.28%. LME aluminum inventories fell by 4,275 mt to 4,274,025 mt.

SHFE aluminum prices opened slightly lower this morning, but later advanced rapidly to break through short-term moving averages driven up by other base metals prices, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,400-16,600/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

SMM Morning Review - 2010/12/13 Aluminum Market

SMM Insight 09:27:26AM Dec 13, 2010 Source:SMM

SHANGHAI, Dec. 13 (SMM) -- China's central bank said on its website on December 10th that it would lift the bank reserve requirement ratio by 50 basis points from December 20th in order to curb accelerating inflation. China's tightening monetary policy allowed investors to take a cautious attitude, and the US dollar index fell below 80, but began to rebound during the European trading hours, soaring to 80.304 but later closing at 80.107. LME aluminum prices fell from an intraday high of USD 2,344/mt to a low of USD 2,308/mt, down USD 30/mt, or down 1.28%. LME aluminum inventories fell by 4,275 mt to 4,274,025 mt.

SHFE aluminum prices opened slightly lower this morning, but later advanced rapidly to break through short-term moving averages driven up by other base metals prices, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,400-16,600/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