[Al] CBI Morning Review - 2009/4/27 Aluminum Market

SHANGHAI, Apr. 27 (CBI China) -- The U.S. Department of Commerce announced last Friday that the U.S. new home sales fell by 0.6% in March compared to February, with annual rate of 356,000 (estimated at 340,000), but still better than analysts’ expectation of 337,000. The durable goods orders in March fell by 0.8%, better than analysts’ expectation of down 1.5%. The data of manufacturing sectors and real estate market announced by the U.S. were better than expected, stimulating the U.S. stock to rebound. The U.S. dollar against most foreign currencies fell last Friday. As the finance ministers and presidents of central banks from seven industrialized nations will hold meeting in Washington, the investors were nervous about their views on the foreign exchanges reserves. Last Friday, LME base metals prices stabilized and rebounded positively affected by the soft U.S. dollar and U.S. stock rebound. LME aluminum closed at USD 1,460/mt, up USD 7/mt, the inventories increased by 15,175mt to 3,691,700mt. The new arrivals of goods were limited during weekend, and the market prices will remain firm, with SHFE aluminum dominant contract moving in the short term.

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