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SMM Morning Review - 2011/2/16 Aluminum Market
Feb 16,2011 09:23CST
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Source:SMM

SHANGHAI, Feb. 16 (SMM) -- The US Commerce Department announced on February 15th that the US retail sales in January rose by 0.3% from December level, slightly lower than the expected level. The Germany investor confidence index in February has risen for the four consecutive months to 15.7, helping push up the euro against US dollar. In response, the US dollar index opened at 78.64 and closed at 78.56, down 0.09%. Although the US dollar index weakened slightly, China announced on Tuesday that the consumer price index (CPI) in January increased by 4.9% on a yearly basis, triggering investor concerns over more monetary tightening measures in China. LME aluminum prices fell continuously to break through the USD 2,500/mt mark after opening at USD 2,521/mt, and finally closed at USD 2,492/mt, down USD 32/mt compared with the previous trading day. LME aluminum inventories increased by 5,500 mt to 4,600,225 mt.

Today, SHFE aluminum prices opened slightly lower below the short-term moving averages, but the support at the low-end of price range allowed SHFE aluminum prices to reverse some losses, with prices testing the support at the 10-day moving average.                  

 

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