[Al] CBI Morning Review - 2009/6/16 Aluminum Market

SHANGHAI, June 16 (CBI China) -- The Federal Reserve Bank of New York announced on Monday that the manufacturing index of Federal Reserve Bank of New York in June fell to negative 9.41 (with the estimated level of a negative 4.50 ), with a negative 4.55 in May. The G-8 Summit during weekend agreed that the US dollar will continue to be the world's reserve currency, and Russia said the status for the US dollar as the world's major reserve currency will not change in the short term, driving up US dollar.

    Dampened by weak US economic conditions and stronger US dollar, LME base metal prices fell as a whole. LME aluminum closed at USD 1,605/mt, down USD 35/mt. The inventories increased by 5,225mt to 4,275,075mt. Today SHFE aluminum price is expected to fluctuate narrowly given weak domestic demand and ample supply, and whether the rising spot premium can boost the SHFE aluminum price or not will remain to be seen.

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