[Al] CBI Morning Review - 2009/7/8 Aluminum Market

SHANGHAI, July 8 (CBI China) -- On Tuesday, the German Economics Ministry announced the industrial orders in May rose 4.4% compared to April, with 0.5% higher than expected. This data has boosted the entire markets, but the falling global stock market depressed the market sentiment. The New York crude oil futures fell for 5 straight trading days, with the price below USD 63/brarrel currently, due mainly to the uncertainty in economic recovery and increases in gasoline inventories.

    Negatively affected by plunged crude oil prices and falling stock markets, overnight LME copper price fell by 1.4%, while LME aluminum price fluctuated above USD 1,600/mt, and the inventories increased by 250mt to 4,399,600mt. The spot prices remained stable, exerting limited support on SHFE aluminum prices. Meanwhile, the positions recorded limited changes, with no sign of withdrawals of speculative funds, so SHFE aluminum prices will continue to fluctuate in the high level in the short term.

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