[Al] CBI Morning Review - 2009/7/13 Aluminum Market

SHANGHAI, July 13 (CBI China) -- Last Friday, the University of Michigan announced the consumer confidence index (CCI) in early July fell to 64.6, lower than both June level of 70.8 and estimated level of 70. The US CCI in early July fell dramatically, triggered the investors’ demand for hedge currency, and the US dollar index strengthened.

    LME base metal prices fell last Friday negatively affected by the stronger US dollar and concerns over economic recovery. LME aluminum price closed at USD 1,576/mt, down USD 9/mt, and the inventories declined by 2,452mt, bringing total inventories to 4,393,600mt. The onset of seasonal low demand period and the sufficient supply in aluminum market will restrict aluminum price to rebound. However, SHFE aluminum price will fluctuate in the RMB 13,300-13,500/mt range in the short term supported by the purchasing interest at lower prices.

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