Metals News
SMM Morning Review - 2011/1/12 Aluminum Market
smm insight

SHANGHAI, Jan. 12 (SMM) -- Japan plans to buy euro-zone bonds in order to prevent the Europe debt crisis from spreading following China's pledge earlier this month to purchase Spanish bonds, weighing down the US dollar index. The US dollar index opened at 80.84 and closed at 80.78, down 0.07%. Crude oil prices closed with significant gains supported by the leak at the Trans-Alaska pipeline, and crude oil for February delivery increased by 2.1% to USD 91.11/bbl in electronic trading on the New York Mercantile Exchange.

LME aluminum prices opened at an intraday high of USD 2,503/mt, with the lowest prices reported at USD 2,474/mt. Later, the weaker US dollar, stronger crude oil prices, and upbeat Alcoa's earnings report helped push up LME aluminum prices, and LME aluminum prices finally finished at USD 2,497/mt, up USD 6/mt compared with the previous trading day. LME aluminum inventories increased further by 24,200 mt to 4,393,700 mt.

SHFE aluminum prices opened slightly higher today, and later increased slower than other base metals prices, and SMM predicts SHFE 1104 aluminum contract prices will move between RMB 17,000-17,120/mt today.                   


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