SMM Morning Review - 2010/12/31 Aluminum Market

SHANGHAI, Dec. 31 (SMM) -- The US Labor Department announced on December 30th the jobless claims fell to 388,000 in the week ending December 25th, setting a new low since July 2008, much better than the expected level. Meanwhile, the Institute for Supply Management-Chicago Inc. said the Purchasing Managers Index (PMI) for December was 68.6, rising by 6.1% from November levels. Although the economic data was positive, the approaching New Year's Day holidays allowed investors to adopt a cautious attitude, and the US dollar index weakened slightly, with the index opening at 79.77 and closing at 79.45, down 0.39%.   

LME aluminum prices fluctuated at high levels, and opened at USD 2,448/mt, and later hit a high of USD 2,458/mt and closed at USD 2,454/mt, down USD 1/mt compared with the previous trading day. Positions fell by 3,674 lots, while LME aluminum inventories increased by 8,025 mt to 4,280,600 mt. Today, SHFE aluminum prices opened flat, and later rallied following other base metals prices. Today is the last trading day ahead of New Year's Day, and long investors may exit the market after profit-taking in order to minimize risks. 

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