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Home / Metal News / [Al] CBI Morning Review - 2009/6/9 Aluminum Market

[Al] CBI Morning Review - 2009/6/9 Aluminum Market

iconJun 9, 2009 00:00
Source:上海有色金属网

SHANGHAI, June 9 (CBI China) -- On Monday the US dollar became strong, and the better-than-expected US non-farm employment boosted the market player optimistic sentiment on economic recovery. In the mean time, the investors predicted the Federal Reserve Board would raise the interest rate at the end of this year, supporting the US dollar to rise.

    LME base metal prices fell negatively affected by stronger US dollar. LME aluminum closed at USD 1,619/mt, up USD 47/mt out of expectation due mainly to the sharp increases in cancelled warrants. The inventories increased by 38,075mt to 4,275,400mt. The proportion of cancelled warrants in total inventories increased to 2.57% from 1.97%. Domestic aluminum price will likely rise today due to strong LME aluminum price, and will face strong resistance at RMB 13,500/mt.

 

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