SMM Morning Review - 2011/1/4 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2011/1/4 Aluminum Market

SMM Insight 09:28:44AM Jan 04, 2011 Source:SMM

SHANGHAI, 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.              

 

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 - 2011/1/4 Aluminum Market

SMM Insight 09:28:44AM Jan 04, 2011 Source:SMM

SHANGHAI, 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.              

 

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