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Home / Metal News / [Al] CBI Morning Review - 2009/6/23 Aluminum Market

[Al] CBI Morning Review - 2009/6/23 Aluminum Market

iconJun 23, 2009 00:00
Source:上海有色金属网

SHANGHAI, June 23 (CBI China) -- Word Bank released the report on Monday that the global economic outlook remains very uncertain despite some signs of economic recovery, and the Bank also predicted the global economy will shrink 2.9% in 2009, lower than expected value in March, driving up the demand for dollar hedge. LME base metal prices plunged on stronger US dollar and concerns over demand. LME copper price fell by 5%, and LME aluminum price closed at USD 1,580/mt, down USD 83/mt. The inventories declined by 7,300/mt to 4,361,625mt. SHFE aluminum price is expected to fall further negatively affected by surrounding markets, but SHFE three-month contract price will test the previous support level of RMB 13,200/mt due to strong spot market.

 

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