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[Al] CBI Morning Review - 2008/12/18 Aluminum Market
Dec 7, 2009 13:16Source:SMM
SHANGHAI, Dec. 18 (CBI China) -- Overnight dollar index continued to drop, OPEC announced a drastic cut, but the reaction of the market was muted, oil prices fluctuated below USD 40/barrel. Last night LME aluminum inventory surge nearly 100 kt, breaking through the mark of 2 million mt, reaching 2.0418 million mt. However, aluminum prices remained stable, overnight three-month LME aluminum prices closed at USD 1,505/mt, up USD 20/mt, the spot premium declined to USD 37.5/mt. From the performance of spot premium, aluminum ingot supply in the international market had a sign of easing, which was opposite to the explosion of LME aluminum inventory. The prices will continue to fluctuate in domestic market with the hope of market positive news. However, CBI believes that the stimulus of positive news left limited room for the rebound of aluminum prices; therefore, the decline in the prices after the long changed to the short should be avoided.
Copyright © 2008, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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