SMM Morning Review - 2011/2/24 Aluminum Market

SHANGHAI, Feb. 24 (SMM) -- The National Association of Realtors announced on Wednesday that the US existing home sales in January rose by 2.7%. The unrest in Middle East and North Africa continued to push up crude oil prices, and crude oil futures for April delivery rose by 2.8% to hit USD 100/bbl on the New York Mercantile Exchange, and finally closed at USD 98.10/bbl. The rising crude oil prices and the European Central Bank's possible move to raise interest rate to combat inflation caused the US dollar index to decline. The US dollar index opened at 77.72 and closed at 77.32, down 0.52%. LME aluminum prices opened at USD 2,523/mt, and later rebounded after falling to a low of USD 2,495/mt, and finally closed at USD 2,530/mt, up USD 2/mt compared with the previous trading day. LME aluminum inventories fell by 850 mt to 4,620,500 mt. Today, SHFE aluminum prices climbed rapidly after opening following other base metals prices, with SHFE 1105 aluminum contract prices testing the resistance at RMB 17,000/mt. 

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