LME Aluminum Price Review during Chinese New Year Holiday -Shanghai Metals Market

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LME Aluminum Price Review during Chinese New Year Holiday

SMM Insight 03:42:13PM Jan 30, 2012 Source:SMM

SHANGHAI, Jan. 29 (SMM) -- Trading activity was quiet on the LME aluminum market during the Chinese New Year holiday with the absence of Chinese investors, but LME aluminum prices climbed continuously supported by positive news from Europe and US, with closing prices rising from USD 2,237/mt on January 23 to USD 2,268.5/mt on January 27 and with the highest price level at USD 2,290.3/mt.

LME aluminum prices Jan. 23-27, 2012 (USD/mt)

Date

Open

High

Low

Close

Inventory (mt)

2011/1/23

2218

2244

2203

2237

5010750

2011/1/24

2240

2250

2220

2243

5007200

2011/1/25

2245

2269

2223

2259

5003800

2011/1/26

2260

2290.3

2260

2271.8

5000150

2011/1/27

2272

2288.3

2231.3

2268.5

4996650

Source: LME, SMM

 

 

 

 

International commodity markets were strong during the holiday, while the US dollar index slipped continuously. On January 23, euro zone leaders said the agreement on private investors resolving Greek debt crisis has been formed, and international crude oil and gold prices rebounded strongly in response. LME aluminum prices closed at USD 2,237/mt the same day, up USD 18/mt.

On January 25, the US Federal Reserve pledged to keep interest rates between 0-0.25% by at least the second quarter of 2014 to revive the economy, helping boost commodity market again. As a result, base metal prices were up, and LME aluminum prices had risen continuously on January 25 and 26, with the highest level seen at USD 2,290.5/mt on January 26. LME aluminum prices closed down last Friday due to weaker-than-expected US economic growth data, with prices closing at USD 2,268.5/mt, down USD 3.3/mt from the previous trading day.
 

Key Words:  aluminum Al  aluminum price 

LME Aluminum Price Review during Chinese New Year Holiday

SMM Insight 03:42:13PM Jan 30, 2012 Source:SMM

SHANGHAI, Jan. 29 (SMM) -- Trading activity was quiet on the LME aluminum market during the Chinese New Year holiday with the absence of Chinese investors, but LME aluminum prices climbed continuously supported by positive news from Europe and US, with closing prices rising from USD 2,237/mt on January 23 to USD 2,268.5/mt on January 27 and with the highest price level at USD 2,290.3/mt.

LME aluminum prices Jan. 23-27, 2012 (USD/mt)

Date

Open

High

Low

Close

Inventory (mt)

2011/1/23

2218

2244

2203

2237

5010750

2011/1/24

2240

2250

2220

2243

5007200

2011/1/25

2245

2269

2223

2259

5003800

2011/1/26

2260

2290.3

2260

2271.8

5000150

2011/1/27

2272

2288.3

2231.3

2268.5

4996650

Source: LME, SMM

 

 

 

 

International commodity markets were strong during the holiday, while the US dollar index slipped continuously. On January 23, euro zone leaders said the agreement on private investors resolving Greek debt crisis has been formed, and international crude oil and gold prices rebounded strongly in response. LME aluminum prices closed at USD 2,237/mt the same day, up USD 18/mt.

On January 25, the US Federal Reserve pledged to keep interest rates between 0-0.25% by at least the second quarter of 2014 to revive the economy, helping boost commodity market again. As a result, base metal prices were up, and LME aluminum prices had risen continuously on January 25 and 26, with the highest level seen at USD 2,290.5/mt on January 26. LME aluminum prices closed down last Friday due to weaker-than-expected US economic growth data, with prices closing at USD 2,268.5/mt, down USD 3.3/mt from the previous trading day.
 

Key Words:  aluminum Al  aluminum price