[Al] CBI Morning Review - 2009/7/10 Aluminum Market

SHANGHAI, July 10 (CBI China) -- The U.S. Department of Labor announced that the number of initial applications for unemployment benefits last week in the US dropped to 565,000, and analysts estimated it would fell to 603,000, and the number was 617,000 in the previous week. However, the total number of continued claims for unemployment benefits rose to 6.88 million, hitting a new high once again. International Monetary Fund (IMF) said the global economy has recovered slowly from the most serious economic recession after the World War II, driving up the market sentiment. China Association of Automobile Manufacturers said on Thursday that domestic passenger car sales reached 4,533,800 from January to June in China, up 25.62% YoY.

    Overnight LME base metal prices bottomed out supported by buying interest, and boosted by softened US dollar. LME aluminum price closed at USD 1,585/mt, up USD 28/mt. The inventories declined by 1,075mt to 4,396,025mt. SHFE aluminum price met support from buying interest around 30-day average line, and SHFE aluminum price will remain strong and fluctuate narrowly before the delivery date this month.

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