[Al] CBI Morning Review - 2009/4/29 Aluminum Market

SHANGHAI, Apr. 29 (CBI China) -- The US Conference Board announced on Tuesday that the US consumer confidence index rose to 39.2 in April, the highest level since September, the largest monthly growth rate since September 2005, while the consumer confidence index was revised to 26.9 in March. Standard & Poor/ Case-Shiller released the house price index report on Tuesday, which showed the US price for single family house slumped by 18.6% in February compared to the same period last year, but the declines slowed, indicating the house price was closing to the bottom line. Concerns over financial market caused by swine flu led to increasing risk avoidance sentiment, and overnight LME base metal prices continued to be weak.

    LME aluminum closed at USD 1,436/mt, down USD 11/mt, and the inventories increased by 24,650mt to 3,725,975mt. A large volume of aluminum kept flowing into LME inventory due to weak domestic price and reducing orders. The restarted capacity during March and April will take effect in May, leading to increases in domestic supply and weighting on aluminum price. SHFE aluminum price will continue to edge down in the short term.

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