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SMM Morning Review - 2010/8/27 Aluminum Market

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SMM Morning Review - 2010/8/27 Copper Market

SHANGHAI, Aug. 27 (SMM) -- The US government announced on August 26th that the manufacturing index rose and the initial jobless claims last week declined. Meanwhile, the steady declines in base metals inventories also helped ease market concerns over demand. The US dollar index fell below 83, giving a boost to LEM base metals prices. Dow Jones Industrial Average was relatively weak, and even fell below 10,000 points again last night due to market concerns over the US GDP in 2Q.&nbsp;&nbsp;
LME aluminum prices opened at USD 2,010/mt, and later climbing to USD 2,040/mt, and finally prices closed at USD 2,033/mt, up USD 30/mt, or up 1.5%. Total trading volumes were 94,196 lots, and total positions increased by 6,911 lots. LME aluminum inventories declined by 3,900 mt to 4,448,800 mt.
Contrary to LME base metals prices trends, domestic base metals prices were disappointing today, with prices only opening with slight gains. SHFE aluminum prices rose slower, and if the Shanghai Stock Exchange Composite Index is neutral today, SHFE aluminum prices will continue to fluctuate narrowly, and SMM predicts SHFE 1011 aluminum contract prices will move between RMB 15,250-15,450/mt today.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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