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SMM Morning Review - 2011/2/10 Aluminum Market
Feb 10,2011 10:06CST
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Source:SMM

SHANGHAI, Feb. 10 (SMM) – No significant economic data was released on Wednesday. The Federal Reserve chairman Ben Bernake attended and addressed at House of Representative hearing and he stated that the US will continue to maintain loose monetary policy by virtue of high unemployment rate and low inflationary pressure. The US dollar was weighed to open at 77.99, and closed at 77.66, down by 0.43%. Although the US dollar is weak, concerns over tight monetary policy from China as well as LME copper price’s slip below USD 10,000/mt weighed on LME aluminum prices. 

LME aluminum market opened at USD 2,560/mt overnight, reaching the highest at USD 2,575/mt, setting a new high, but later slipping to close at USD 2,541/mt, down by USD 20/mt or down by 0.78%. LME aluminum inventories were down by 375 m to 709,450 mt.

SHFE aluminum contract price rose rapidly to erase Last week’s losses after a low open, and struggled around 5-day moving average. SMM expects that SHFE 1104 aluminum contract prices will move in the RMB 16,930-17,100/mt on February 10th.

 

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