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[Al] CBI Morning Review - 2009/7/6 Aluminum Market
SHANGHAI, July 6 (CBI China) -- Data released last Friday showed that the UK services sector has expanded for two straight months, and retail sales in euro zone in May have contracted by 0.4%, and the US financial markets closed due to Independence Day. The US released employment data in June during previous day, triggering the market concerns with regard to economic recovery, and LME base metal prices fell generally last Friday. LME aluminum price closed at USD 1,603/mt, down USD 36/mt, and the inventories increased by 3,400mt to 4,400,725mt. The continued increases in the inventories will have downward pressure on aluminum price. Recent strong LME aluminum market helped support SHFE aluminum price and spot price in domestic market. SHFE aluminum price will likely move downward, along with the increasing supply pressure in domestic spot market weakening LME aluminum price.
Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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