SMM Morning Review - 2011/3/30 Aluminum Market-Shanghai Metals Market

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SMM Morning Review - 2011/3/30 Aluminum Market

SMM Insight 10:01:13AM Mar 30, 2011 Source:SMM

SHANGHAI, Mar. 30 (SMM)--According to data released on Tuesday, US seasonally adjusted S&P/CaseShiller Home Price Indices fell for the seventh straight month, a signal of ongoing property depression; US CCI for March was 63.4, lower than the forecast of 65, helping ease concerns over the Fed’s (Federal Reserve) additional tightening monetary policies. In this context, the US dollar index fluctuated widely and finally closed at 76.12, down 0.124 from the previous trading day, or down 0.16%. LME aluminum prices overnight opened at USD 2,625/mt, and fell to USD 2,604/mt in the morning session. Driven up by the weakening US dollar index and rising crude prices, LME aluminum prices soared to USD 2,656/m in European trading hours, with prices finally closing at USD 2,649.5/mt at the end of trading, up USD 32.5/mt from the previous trading day, or up 1.24%. LME aluminum prices fluctuated at high levels between USD 2,620-2,660/mt boosted by rising crude prices; SHFE 1106 aluminum contract prices opened higher tracking LME aluminum prices overnight, and with prices testing the support level at RMB 16,800/mt. Spot discounts narrowed further following SHFE aluminum prices, with the low end struggling at RMB 16,550/mt.

 

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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 

SMM Morning Review - 2011/3/30 Aluminum Market

SMM Insight 10:01:13AM Mar 30, 2011 Source:SMM

SHANGHAI, Mar. 30 (SMM)--According to data released on Tuesday, US seasonally adjusted S&P/CaseShiller Home Price Indices fell for the seventh straight month, a signal of ongoing property depression; US CCI for March was 63.4, lower than the forecast of 65, helping ease concerns over the Fed’s (Federal Reserve) additional tightening monetary policies. In this context, the US dollar index fluctuated widely and finally closed at 76.12, down 0.124 from the previous trading day, or down 0.16%. LME aluminum prices overnight opened at USD 2,625/mt, and fell to USD 2,604/mt in the morning session. Driven up by the weakening US dollar index and rising crude prices, LME aluminum prices soared to USD 2,656/m in European trading hours, with prices finally closing at USD 2,649.5/mt at the end of trading, up USD 32.5/mt from the previous trading day, or up 1.24%. LME aluminum prices fluctuated at high levels between USD 2,620-2,660/mt boosted by rising crude prices; SHFE 1106 aluminum contract prices opened higher tracking LME aluminum prices overnight, and with prices testing the support level at RMB 16,800/mt. Spot discounts narrowed further following SHFE aluminum prices, with the low end struggling at RMB 16,550/mt.

 

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