SMM Morning Review - 2010/12/16 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/16 Aluminum Market

SMM Insight 09:40:09AM Dec 16, 2010 Source:SMM

SHANGHAI, Dec. 16 (SMM) -- The US Department of Labor announced on Wednesday, Consumer Price Index (CPI) in November was up by 0.1% MoM, and core CPI was up by 0.1% from a month earlier. Meanwhile, industrial output in November was up by 0.4% MoM. Although economic data were relatively positive, concerns over European debt issue drove investors to seek the US dollar as a safe heaven. In this context, the US dollar index rallied all the way to above 80 and finally ended at 80.191. LME base metal prices were weighed as a result, with LME aluminum prices slipping all the way from USD 2,335/mt after opening and finally closing at USD 2,321/mt, down by USD 30/mt or 1.28% from a day earlier. LME aluminum inventories continued to increase significantly by 10,325 mt on delivery data.

On Thursday, SHFE aluminum contract price opened with slight losses, but still slipped slower compared to other base metals, testing whether or not support is available at five-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 - 2010/12/16 Aluminum Market

SMM Insight 09:40:09AM Dec 16, 2010 Source:SMM

SHANGHAI, Dec. 16 (SMM) -- The US Department of Labor announced on Wednesday, Consumer Price Index (CPI) in November was up by 0.1% MoM, and core CPI was up by 0.1% from a month earlier. Meanwhile, industrial output in November was up by 0.4% MoM. Although economic data were relatively positive, concerns over European debt issue drove investors to seek the US dollar as a safe heaven. In this context, the US dollar index rallied all the way to above 80 and finally ended at 80.191. LME base metal prices were weighed as a result, with LME aluminum prices slipping all the way from USD 2,335/mt after opening and finally closing at USD 2,321/mt, down by USD 30/mt or 1.28% from a day earlier. LME aluminum inventories continued to increase significantly by 10,325 mt on delivery data.

On Thursday, SHFE aluminum contract price opened with slight losses, but still slipped slower compared to other base metals, testing whether or not support is available at five-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