Home / Metal News / Copper / SMM Morning Review - 2011/2/9 Aluminum Market
SMM Morning Review - 2011/2/9 Aluminum Market
Feb 9,2011 10:42CST
smm insight
Source:SMM

SHANGHAI, Feb. 9 (SMM)--The US dollar index rebounded to 78 on Feb. 4th due to positive US employment data, and then fluctuated at high levels in the following days. The US government bonds auction on Feb. 8th was not so successful, and the US dollar index plummeted as a result of the rising Euro. In this context, the US dollar index overnight opened at 78.01 and closed at 77.99, down 0.02%. China’s central bank announced yesterday to further raise lending and deposit interest rate for financial institutions by 25 basis points, but investors were optimistic towards metal demand after the holiday, driving up LME aluminum prices to open at USD 2,541/mt and hit a yearly high at USD 2,573/mt. LME aluminum prices fell slightly at the end of trading and finally closed at USD 2,561/mt, up USD 4/mt from the previous trading day. Total inventories grew significantly by 31,650 mt to 4562,625 mt.

SHFE aluminum prices opened slightly higher but then weighed down today, with SHFE three-month aluminum prices dipping below all the daily moving averages. However, SHFE aluminum prices were boosted immediately by other metal prices, with SHFE three-month aluminum prices expected to fluctuate between RMB 16,800-17,200/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


 

Aluminum Al
Aluminum price
LME market
SHFE market

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn