Metals News
[Al] CBI Morning Review - 2008/12/9 Aluminum Market
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01:16PM
Dec 7,2009
Source:SMM

SHANGHAI, Dec. 9 (CBI China) -- U.S. stock and bulk commodities experienced a technical and strong rebound after Obama government put forward outline of the future economic recovery plan at weekend . Obama's plans to boost the economy include the creation of at least 2.5 million new jobs before 2011 and starting the largest investment in infrastructure in the United States since the 1950s. The overall market sentiment has changed in the short term, overnight three-month copper surged by 7.6%, three-month LME aluminum closed at USD 1525/mt, up USD 20/mt, the premium of spot goods reached USD 48/mt due to the rebound in prices, stocks continued to increase to 1.8758 million mt. Due to continued weak market fundamentals, the rebound in domestic prices was relatively limited, it is estimated that the main contract will fluctuated narrowly around USD 10,500-11,000/mt.


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