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SMM Morning Review - 2011/2/22 Aluminum Market
Feb 22,2011 09:47CST
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Source:SMM

SHANGHAI, Feb. 22 (SMM) -- The US stock markets were closed for Presidents' Day on February 21st. According to London-based Markit Economics, a composite index of manufacturing and services industries based on a survey of euro-area purchasing managers in the 17-nation euro region rose to 58.4 in February from 57 in January, beating expectation and setting a record high since July 2006. Although the euro once strengthened against the US dollar due to positive economic data, the political turmoil in Middle East improved market demand for risk aversion, helping drive up US dollar index. The US dollar index fluctuated narrowly last night, with the index opening at 77.66, hitting a low of 77.48, and finally closing at 77.66.

LME aluminum prices climbed steadily after opening at USD 2,570/mt, and finally closed at an intraday high of USD 2,580/mt, again setting a new high, up USD 10/mt compared with the previous trading day. Positions increased by 2,970 lots to 690,198 lots.

Today, SHFE aluminum prices climbed rapidly after opening slightly higher, with SHFE 1105 aluminum contract prices breaking through the RMB 17,400/mt mark. SMM predicts SHFE 1105 aluminum contract prices will fluctuate between RMB 17,315-17,500/mt today.

 

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