SMM Morning Review - 2010/12/24 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2010/12/24 Aluminum Market

SMM Insight 09:29:56AM Dec 24, 2010 Source:SMM

SHANGHAI, Dec. 24 (SMM) -- The US announced on December 24th that new home sales in November rose by 5.5% to an annual rate of 290,000 from October levels. Meanwhile, the US Labor Department announced that the initial jobless claims fell to 420,000 in the week ending December 18th, in line with the expected level. The US dollar index lost gains after climbing to 80.832, and finally closed at 80.458, down 0.14%. 

Although economic data was positive, investors were willing to exit the market after profit-taking due to the Christmas holidays. LME aluminum prices ended the upward trend last night, and fluctuated lower gradually after opening at an intraday high of USD 2,450/mt, and finally closed at USD 2,432/mt, down USD 30/mt compared with the previous trading day. Positions increased significantly by 22,881 lots, and LME aluminum inventories increased by 5,775 mt to 4,281,500 mt. Today, SHFE 1103 aluminum contract prices opened slightly lower, and the bullish performance of other base metals helped limit any declines in aluminum prices, and SMM predicts SHFE 1103 aluminum contract prices will test the support at the 5-day moving average 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 - 2010/12/24 Aluminum Market

SMM Insight 09:29:56AM Dec 24, 2010 Source:SMM

SHANGHAI, Dec. 24 (SMM) -- The US announced on December 24th that new home sales in November rose by 5.5% to an annual rate of 290,000 from October levels. Meanwhile, the US Labor Department announced that the initial jobless claims fell to 420,000 in the week ending December 18th, in line with the expected level. The US dollar index lost gains after climbing to 80.832, and finally closed at 80.458, down 0.14%. 

Although economic data was positive, investors were willing to exit the market after profit-taking due to the Christmas holidays. LME aluminum prices ended the upward trend last night, and fluctuated lower gradually after opening at an intraday high of USD 2,450/mt, and finally closed at USD 2,432/mt, down USD 30/mt compared with the previous trading day. Positions increased significantly by 22,881 lots, and LME aluminum inventories increased by 5,775 mt to 4,281,500 mt. Today, SHFE 1103 aluminum contract prices opened slightly lower, and the bullish performance of other base metals helped limit any declines in aluminum prices, and SMM predicts SHFE 1103 aluminum contract prices will test the support at the 5-day moving average 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