[Al] CBI Morning Review - 2009/5/7 Aluminum Market

SHANGHAI, May 7 (CBI China) -- On Wednesday, the report released by US ADP Employer Services showed that the US civil employment in April declined by 491,000, lower than market expected, and the lowest level since November 2008. The positive civil employment data stimulated the optimistic sentiment of the investors on the economy. The US Mortgage Bankers Association (MBA) announced on Wednesday that the US mortgage applications rose last week, although the mortgage rates jumped to the highest level since mid-March. The US government carried out the pressure test of 19 large banks, and the results were better than the expectations of investors, helping stimulate the US stock market to rise. As the US civil employment report was better tan expected and the global stock market climbed up, overnight LME base metal prices increased sharply. LME aluminum price rose by USD 25/mt to USD 1,570/mt, and the inventories increased by 42,600mt to 3,839,725mt. Today, SHFE aluminum will retest the important level of RMB 13,000/mt propelled by the positive surrounding markets.

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