[Al] CBI Morning Review - 2009/7/21 Aluminum Market

SHANGHAI, July 21 (CBI China) -- The US Conference Board announced on Monday that the leading indicators in June grew by 0.7%, while analysts predicted it would increase by 0.5%, which have risen for third consecutive months, suggesting the economic recession is coming to an end. Recently, the positive economic data from Europe, the US and China have boosted the market confidence in economic recovery, and investors paid their attentions on high-yield assets once again, which dampened the risk aversion assets US dollar, so US dollar index fell below 79 on Monday. 

    Overnight LME base metal prices continued to rebound pushed by the softened US dollar and positive economic data. LME aluminum price closed at USD 1,720/mt, up USD 10/mt. The inventories increased by 6,950mt, bringing total inventories to 4,520,175mt. Yesterday, SHFE aluminum price grew above the previous important level with the support from increasing trading volumes and positions and is expected to move upward to RMB 14,000/mt in the short term.

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