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SMM Morning Review - 2011/2/25 Aluminum Market
Feb 25,2011 09:39CST
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SHANGHAI, Feb. 25 (SMM) -- The US Labor Department announced on Thursday that the initial jobless claims fell to 390,000 last week, slightly lower than the expected 400,000. In addition, the US Commerce Department announced that the US new home sales in January declined by 12.6%. The weak home sales data and strengthening Swiss franc and Japanese yen weighted on US dollar. As a result, the US dollar index opened at 77.31 and closed at 77.03, down 0.36%. LME aluminum prices opened at USD 2,535/mt, and later rebounded after falling to a low of USD 2,498/mt, and finally closed at USD 2,541/mt, up USD 11/mt compared with the previous trading day. LME aluminum inventories fell by 5,000 mt to 4,615,500 mt. Today, SHFE aluminum prices opened slightly higher, with prices struggling at the 30-day moving average. SMM predicts SHFE 1105 aluminum contract prices will move between RMB 17,000-17,200/mt today. 


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