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Home / Metal News / SMM Morning Review - 2010/9/21 Aluminum Market

SMM Morning Review - 2010/9/21 Aluminum Market

iconSep 21, 2010 00:00
Source:上海有色金属网

SHANGHAI, Sept. 21 (SMM) -- The National Association of Home Builders (NAHB) announced on September 20th that the US housing market in September remained depressed. Although a weaker US dollar index helped push up base metals prices previously, market players took a cautious attitude ahead of the meeting of the Federal Reserve's Open Market Committee, and most investors locked in profits as a result, with base metals prices falling at the tail of trading.  

LME aluminum prices opened at USD 2,200/mt, and later climbed to as high as USD 2,220/mt, and then reversed previous gains and closed at USD 2,195/mt, up USD 13/mt, or up 0.6%. Trading sentiment was brisk, and LME aluminum inventories have fallen below 4.39 million mt, helping support LME aluminum prices.

SHFE aluminum prices fell at a slower pace after opening today, but weak SHFE copper and zinc prices drove SHFE aluminum prices lower. Special focus should be put on the Shanghai Stock Exchange Composite Index trends, and SMM predicts SHFE 1012 aluminum contract prices will move between RMB 15,600-15,800/mt today.           

 

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