SMM Morning Review - 2010/12/10 Aluminum Market

SHANGHAI, Dec. 10 (SMM) -- The US Labor Department figures showed on Thursday that the number of workers filing first-time claims for unemployment insurance payments fell last week in the US to 421,000, down 17,000 from a week earlier, and slightly lower than the expected level. Although the employment data was positive, investors were concerned that the upcoming economic data from China will prompt China to introduce tightening monetary policies, so they preferred to take a cautious attitude. The US dollar index fluctuated narrowly, and finally closed at 80.063.  

LME base metals prices generally closed with declines, and LME aluminum prices fell from a high, and finally closed at an intraday low of USD 2,338/mt, down USD 37/mt compared with the previous trading day, or down 1.56%. LME aluminum inventories fell further by 3,125 mt to 4,278,300 mt.

SHFE aluminum prices opened at below all moving averages today, but strong support at the low-end of price range limited any declines in SHFE aluminum prices, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,300-16,450/mt today.                  

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