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SMM Morning Review - 2011/2/18 Aluminum Market
Feb 18,2011 09:33CST
smm insight

SHANGHAI, Feb. 18 (SMM) -- The US Labor Department announced on February 17th that the initial jobless claims rose to 410,000 in the week ended February 12th, and the US consumer price index (CPI) in January increased by 0.4% from December 2010, slightly higher than the expected level. The weak employment data triggered investor concerns over the US economy, and the two-year government bond yields fell by as much as six basis points to 0.76%.In response, the US dollar index weakened, with the index opening at 78.19 and closing at 77.93, down 0.34%.

LME aluminum prices were boosted by a weaker US dollar. LME aluminum prices opened at USD 2,504/mt, and later rebounded after briefly falling below USD 2,500/mt, and finally closed at USD 2,513/mt, up USD 9/mt compared with the previous trading day. LME aluminum inventories increased by 275 mt to 4,598,200 mt.

Today, SHFE aluminum prices opened slightly higher, and continued to fluctuate around the short-term moving averages. SMM predicts SHFE 1105 aluminum contract prices will move between RMB 17,100-17,300/mt today.                   


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