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SMM Morning Review - 2011/2/11 Aluminum Market
Feb 11,2011 09:42CST
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SHANGHAI, Feb. 11 (SMM) -- The US Department of Labor announced on February 10th that initial jobless claim in the week ending on February 5th slipped to 383,000, while the previous estimation was 410,000, the lowest since July 5th 2008. The US dollar was boosted to open at 77.66 in response, and later claimed all the way to close at 78.00, up by 0.71%. LME aluminum prices were weighed to open at USD 2,534/mt, touching the lowest at USD 2,520/mt, and closed at USD 2,538/mt, down by USD 3/mt from a day earlier. LME aluminum inventories were up by 1,125 mt to 4,601,775 mt, near to historical high. SHFE aluminum contract opened slightly higher, and advanced later. SMM expects that SHFE aluminum prices will try to test resistance level of RMB 17,100/mt.


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