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SMM Morning Review - 2011/2/28 Aluminum Market
Feb 28,2011 09:36CST
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SHANGHAI, Feb. 28 (SMM) -- The US Commerce Department announced on February 25th that the US gross domestic product (GDP) grew at an annual rate of 2.8% in the fourth quarter of 2010, lower than the forecast of a 3.3% rise. The US dollar index moved higher but fell later, with the index opening at 77.04, climbing to 77.42, and finally closing at 77.22, up 0.24%. Although economic data was slightly weak, the International Energy Agency (IEA) and Saudi Arabia announced that they will increase global supplies of crude oil, and investors believe the strong upward momentum in crude oil prices will be hampered effectively, and crude oil futures for April delivery rose by 60 cents to USD 97.88/bbl on the New York Mercantile Exchange. LME base metals prices closed with gains as market concerns over the Libyan crisis eased. LME aluminum prices opened at USD 2,560/mt, and later climbed continuously, with prices finally closing at an intraday high of USD 2,565/mt, up USD 24/mt compared with the previous trading day. LME aluminum inventories fell by 4,625 mt to 4,610,875 mt. Today, SHFE aluminum prices opened higher, with prices moving around the 10-day moving average. SMM predicts SHFE 1105 aluminum contract prices will test the resistance at RMB 17,200/mt today.                

 

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