[Al] CBI Morning Review - 2009/5/11 Aluminum Market

SHANGHAI, May 11 (CBI China) -- Last Friday, the U.S. Department of Labor announced that the non-farm employment decreased by 539,000 (estimated at 590,000) in April, while the non-farm employment declined by 699,000 after revised. The US unemployment rate was 8.9% in April. The US April employment report shows the corporate layoffs were lower than expected, and the market players were satisfied with the result of bank pressure test, so the US stock market continued to perform strong last Friday. Although the US employment data was better than expected, the market pessimistic concerns on the outlook of metal consumption caused the profit-taking of investors, and LME base metal prices fell last Friday. LME aluminum closed at USD 1,550/mt, down USD 12/mt. The inventories increased by 13,825mt to 3,858,550mt. SHFE aluminum price showed uncertain direction as the market was close to the delivery date, so SHFE aluminum price will continue to fluctuate widely in the short term.

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