Metals News
SMM Morning Review - 2011/3/15 Aluminum Market
smm insight
09:22AM
Mar 15,2011
Source:SMM

SHANGHAI, Mar. 15 (SMM) -- Massive earthquake and tsunami devastated Japan, the world's No.3 economy, triggering investor concerns over economic conditions in this country, since the disaster disrupted industrial production, but the post-disaster reconstruction will help boost demand for commodities.

The Japanese earthquake and the unrest in Middle East dragged down market confidence, and the US dollar index weakened during the European trading hours in response, with the index finally closing at 76.388, down 0.33 or 0.43% compared with the previous trading day. LME aluminum prices opened at USD 2,538/mt, and later rebounded and returned to the 30-day moving average at the end of trading supported by a weaker US dollar, and finally LME aluminum prices closed at USD 2,555/mt, up USD 10/mt compared with the previous trading day, or up 0.39%. Total positions fell by 1,796 lots to 718,033 lots.

Today, SHFE aluminum prices are expected to open higher due to climbing LME aluminum prices, but the weak market fundamentals will help limit any gains in aluminum prices, so SMM predicts SHFE 1105 aluminum contract prices will struggle at the 5-day moving average in the short term.                   

 

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