[Al] CBI Morning Review - 2009/5/5 Aluminum Market

SHANGHAI, May 5 (CBI China) -- The US Department of Commerce announced on Monday that the US construction spending increased to USD 969.7 billion during March, up 0.3%, the largest increase since September 2008, with the estimated value of down 1.5% and the February level of down 1.0%. The National Association of Realtors (NAR) reported on Monday that the US pending home sales index increased to 84.6 during March, up 3.2%, the same as the prediction. As the US home sales and construction spending were better than the prediction of analysts, the US stock rose strongly on Monday. In the mean time, the slowdown of global economy stimulated the investors to buy high yield assets, dampening the US dollar. On Monday, the LME market was closed due to bank holiday, and currently LME aluminum price continued to rebound in electronic trading. SHFE aluminum price met great pressure at RMB 13,000/mt due to sufficient spot supply, so the upward room for aluminum price will be limited in the short term.

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