SMM Morning Review - 2010/12/15 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/15 Aluminum Market

SMM Insight 09:23:08AM Dec 15, 2010 Source:SMM

SHANGHAI, Dec. 15 (SMM) -- The Federal Reserve announced a statement on December 14th that it decides to keep the benchmark interest rate low as the economic recovery is slow. In addition, the US Labor Department announced that the producer price index (PPI) in November rose by 0.8% MoM, and increased by 3.5% YoY, higher than the expected level. The US dollar index weakened first but strengthened later, and even broke through 79 and finally closed at 79.525. LME aluminum prices opened higher at USD 2,370/mt, and then kept fluctuating, and finally lost some gains in response to a stronger US dollar at the tail of trading and closed at USD 2,351/mt, up USD 21/mt compared with the previous trading day, or up 0.9%. LME aluminum inventories jumped ahead of the delivery date.

SHFE aluminum prices opened slightly higher today, with prices testing the resistance above the 60-day moving average.              

 

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 - 2010/12/15 Aluminum Market

SMM Insight 09:23:08AM Dec 15, 2010 Source:SMM

SHANGHAI, Dec. 15 (SMM) -- The Federal Reserve announced a statement on December 14th that it decides to keep the benchmark interest rate low as the economic recovery is slow. In addition, the US Labor Department announced that the producer price index (PPI) in November rose by 0.8% MoM, and increased by 3.5% YoY, higher than the expected level. The US dollar index weakened first but strengthened later, and even broke through 79 and finally closed at 79.525. LME aluminum prices opened higher at USD 2,370/mt, and then kept fluctuating, and finally lost some gains in response to a stronger US dollar at the tail of trading and closed at USD 2,351/mt, up USD 21/mt compared with the previous trading day, or up 0.9%. LME aluminum inventories jumped ahead of the delivery date.

SHFE aluminum prices opened slightly higher today, with prices testing the resistance above the 60-day moving average.              

 

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