SMM Morning Review - 2011/3/15 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/15 Aluminum Market

SMM Insight 09:22:09AM 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.                   

 

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 - 2011/3/15 Aluminum Market

SMM Insight 09:22:09AM 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.                   

 

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