[Al] CBI Morning Review - 2009/4/7 Aluminum Market

SHANGHAI, Apr. 7 (CBI China) -- On Monday, the international fund manager George Soros said in the interview by Financial Television of Reuters that the U.S. economy is going through a "sustained decline" and will not recover this year. He also pointed out that the whole banking system in the United States is basically insolvent. The pessimistic of analysts about the financial industry hammered the recent rise of U.S. stock market, while the falling U.S. stock market caused the hedging demand of the world's major reserve currency, and promoted the U.S. dollar to rise. Overnight LME base metals fell from a high level due to rising U.S. dollar and falling U.S. stock. LME aluminum fell to USD 1,461/mt, down USD 24/mt. The inventories increased by 2,500mt to 3,474,300mt. SHFE market was closed on Monday due to Qingming Festival holiday, while stronger LME market is likely to push up SHFE aluminum today. However, the weak aluminum market fundamentals caused limited upward room for SHFE aluminum price.

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