[Al] CBI Morning Review - 2009/4/10 Aluminum Market

SHANGHAI, Apr. 10 (CBI China) -- Wells Fargo Bank predicted on Thursday that it will achieve net profit of USD 3 billion in 1Q, leaving some hopes to the financial industry, and the investors also became optimistic about the financial industry outlook, creating the strong upward momentum to the stock market. The initial claims for unemployment benefits in the U.S. declined to USD 6.54 billion, the wholesale inventories during February experienced the largest declines in the memory, signaling the seasonal recovery appears in the production activity. Due to the recovery of economic data, the New York crude oil futures rose to USD 52.24/barrel.

    Overnight LME base metals continued to grow given the support from the rising U.S. stock and Chinese factors, LME aluminum soared to USD 1,540/mt, up USD 55/mt. The inventories increased by 4,800mt to 3,551,175mt. Today, the strong power from long investors is expected to push the spot contract up to RMB 15,000/mt, and the dominant contract is expected to reach the previous resistance level of RMB 13,200/mt and to test RMB 13,500/mt.

Copyright ? 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: metalresearch@cbichina.com or tel:86-21-51550040