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SMM Morning Review - 2010/12/21 Aluminum Market
Dec 21, 2010 09:36Source: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.
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