Metals News
SMM Morning Review - 2011/3/30 Aluminum Market
smm insight
10:01AM
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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