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SMM Morning Review - 2011/2/14 Aluminum Market
Feb 14,2011 09:30CST
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SHANGHAI, Feb. 14 (SMM) -- Egyptian President Hosni Mubarak has resigned as president of Egypt on February 11th, easing tensions in Egypt and improving market confidence. However, investors remained concerned about European sovereign debt crisis, and the US dollar index climbed slightly, with the index opening at 78.22 and closing at 78.41, up 0.25%. Most base metals prices on the LME rebounded due to easing Egypt tensions, but LME aluminum inventories neared the record high, weighing down LME aluminum prices. LME aluminum prices opened at an intraday high of USD 2,512/mt, and later fell continuously to below USD 2,500/mt, with prices finally closing at USD 2,496/mt, down USD 42/mt compared with the previous trading day. LME aluminum inventories fell by 2,325 mt to 4,599,450 mt, only 41,300 mt lower than the historical high. SHFE aluminum prices opened slightly lower today, and later SHFE 1104 aluminum contract prices increased to RMB 17,100/mt, with prices expected to test the support at the 5-day moving average today.                 


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