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SMM Morning Review - 2010/12/15 Aluminum Market
Dec 15, 2010 09:23Source: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.
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