SMM Morning Review - 2011/3/3 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/3 Aluminum Market

SMM Insight 09:41:56AM Mar 03, 2011 Source:SMM

SHANGHAI, Mar. 3 (SMM) -- On March 2nd, crude oil for April delivery soared to USD 102.23/bbl on the New York Mercantile Exchange as Libyan forces loyal to Muammar Qaddafi attacked rebels on the east coast where much of the country’s oil is refined and shipped abroad. Meanwhile, gold futures for April delivery settled at a record high of USD 1,437.70 per ounce on the Comex in New York due to market risk aversion. The US dollar index failed to hold steady at 77, and finally closed at 76.67, down 0.38 or 0.49% compared with the previous trading day. Investor concerns over the Libyan political turmoil hampered the upward momentum in LME base metals prices, and LME aluminum prices opened at an intraday low of USD 2,591/mt, and finally closed at USD 2,603/mt after kept struggling around USD 2,600/mt, down USD 7/mt compared with the previous trading day, or down 0.27%. Total positions declined by 7,190 lots to 712,930 lots. Today, SHFE 1105 aluminum contract prices opened flat at RMB 16,975/mt, with strong resistance reported at RMB 17,000/mt. SMM predicts SHFE 1105 aluminum contract prices will try to stand above RMB 17,000/mt today supported by rising SHFE copper prices.                    

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Aluminum Al  Aluminum price 

SMM Morning Review - 2011/3/3 Aluminum Market

SMM Insight 09:41:56AM Mar 03, 2011 Source:SMM

SHANGHAI, Mar. 3 (SMM) -- On March 2nd, crude oil for April delivery soared to USD 102.23/bbl on the New York Mercantile Exchange as Libyan forces loyal to Muammar Qaddafi attacked rebels on the east coast where much of the country’s oil is refined and shipped abroad. Meanwhile, gold futures for April delivery settled at a record high of USD 1,437.70 per ounce on the Comex in New York due to market risk aversion. The US dollar index failed to hold steady at 77, and finally closed at 76.67, down 0.38 or 0.49% compared with the previous trading day. Investor concerns over the Libyan political turmoil hampered the upward momentum in LME base metals prices, and LME aluminum prices opened at an intraday low of USD 2,591/mt, and finally closed at USD 2,603/mt after kept struggling around USD 2,600/mt, down USD 7/mt compared with the previous trading day, or down 0.27%. Total positions declined by 7,190 lots to 712,930 lots. Today, SHFE 1105 aluminum contract prices opened flat at RMB 16,975/mt, with strong resistance reported at RMB 17,000/mt. SMM predicts SHFE 1105 aluminum contract prices will try to stand above RMB 17,000/mt today supported by rising SHFE copper prices.                    

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

Key Words:  Aluminum Al  Aluminum price