Metals News
[Al] CBI Morning Review - 2008/12/8 Aluminum Market
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01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Dec. 8 (CBI China) -- The Labor Department of US announced last Friday that the number of non-agricutural employment was reduced 533,000, the largest number of unemployed in 34 years, for the first time financial markets were depressed seriously, crude oil price dropped to near USD 40/mt, basic metals continued to be depressed, three-month LME copper broke through USD 3,000/mt, closing price was down USD 200/mt, with declining rate of 6%. Three-month LME aluminum broke through the important support level of USD 1,500/mt, closed at USD 1,505/mt, down USD 65/mt. spot molten iron reduced to USD 45.5/mt, stocks continue to increase 8125mt to1.8669 million mt. SHFE aluminum some contracts delinked to limit for three straight days and stopped trading today, the continuous declining price made a greater loss the refined aluminum enterprises, and they may carry out large-scale production cut again, pay attention to the overall metal market trend of outer offer in the short term, SHFE aluminum slightly fell recently and will be stronger than outer offer in the near future.


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