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SMM Aluminum Market Morning Review (2013-9-9)

iconSep 9, 2013 09:24
Source:SMM
LME aluminum opened at USD 1,807/mt last Friday before rising to USD 1,833/mt as the US dollar index pulled back to near the 60-day moving average.

SHANGHAI, Sept. 9 (SMM) – LME aluminum opened at USD 1,807/mt last Friday before rising to USD 1,833/mt as the US dollar index pulled back to near the 60-day moving average following the release of US non-farm payrolls for August. Finally, the light metal closed the day USD 15.5/mt higher at USD 1,821.5/mt. Trading volumes of LME three-month aluminum contracts contracted 1,086 lots to 11,331 lots, but positions increased 6,543 lots to 742,091 lots. LME aluminum inventories dropped 5,525 mt to 5,375,450 mt. 

Markets will stay cautious before China announces its CPI and PPI for August. SHFE 1312 aluminum contract will open at RMB 14,240/mt on Monday and move within RMB 14,200-14,270/mt. In spot markets, a contango of RMB 0-20/mt and a backwardation of RMB 0-20/mt are expected over SHFE 1309 aluminum contract. 
 

latest LME aluminum prices
SHFE aluminum prices

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