SMM Morning Review - 2010/12/21 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/21 Aluminum Market

SMM Insight 09:36:26AM Dec 21, 2010 Source:SMM

SHANGHAI, Dec. 21 (SMM) -- No important economic data was released on Monday. The Korean tensions mounted, and Moody's Investors Service cut the credit rating of two banks in Ireland. In response, the euro dipped, and the US dollar index advanced steadily after opening at 80.398, but later lost some gains after climbing to 80.721. Although the US dollar index was stronger, LME copper prices led base metal price gains supported by improving market fundamentals. 

On Monday, LME aluminum prices opened at USD 2,338/mt, and later rallied steadily, with prices finally closing at USD 2,378/mt, up 1.84%. LME aluminum inventories fell by 4,700 mt to 4,282,900 mt. SHFE aluminum prices opened slightly higher today, with prices moving around the 60-day moving average. SMM predicts SHFE 1103 aluminum contract prices will fluctuate between RMB 16,550-16,700/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 - 2010/12/21 Aluminum Market

SMM Insight 09:36:26AM Dec 21, 2010 Source:SMM

SHANGHAI, Dec. 21 (SMM) -- No important economic data was released on Monday. The Korean tensions mounted, and Moody's Investors Service cut the credit rating of two banks in Ireland. In response, the euro dipped, and the US dollar index advanced steadily after opening at 80.398, but later lost some gains after climbing to 80.721. Although the US dollar index was stronger, LME copper prices led base metal price gains supported by improving market fundamentals. 

On Monday, LME aluminum prices opened at USD 2,338/mt, and later rallied steadily, with prices finally closing at USD 2,378/mt, up 1.84%. LME aluminum inventories fell by 4,700 mt to 4,282,900 mt. SHFE aluminum prices opened slightly higher today, with prices moving around the 60-day moving average. SMM predicts SHFE 1103 aluminum contract prices will fluctuate between RMB 16,550-16,700/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