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SMM Morning Review - 2011/1/4 Aluminum Market
Jan 4, 2011 09:28SHANGHAI, Jan. 4 (SMM) -- According to China's economic data released on January 1st, the Purchasing Managers Index (PMI) of China's manufacturing sector dropped to 53.9% in December, down 1.3% from November levels. The US dollar index slipped gradually after opening at 79.45 on December 31st, and finally closed at 79.96, down 0.62%. The weaker US dollar and stronger LME copper prices allowed LME aluminum prices to rally.
On December 31st, LME aluminum prices fell to USD 2,468/mt after opening at USD 2,480/mt, and later rebounded and finally closed at USD 2,484/mt, up USD 30/mt compared with the previous trading day, or up 1.2%. Today, SHFE aluminum prices opened higher, with SHFE 1103 aluminum contract prices even breaking through RMB 16,900/mt, but the heavy pressure caused SHFE aluminum prices to retreat, with any gains in SHFE aluminum prices mainly depending on other base metals price trends. SMM predicts SHFE 1103 aluminum contract prices will fluctuate between RMB 16,800-16,950/mt today.
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