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Home / Metal News / [Al] SMM Morning Review - 2009/7/28 Aluminum Market

[Al] SMM Morning Review - 2009/7/28 Aluminum Market

iconJul 28, 2009 00:00
Source:上海有色金属网

SHANGHAI, July 28 (SMM) -- The U.S. Department of Commerce announced on Monday that the US new home sales during June rose by 11% compared to May, the largest growth rate since December 2000, with the annual rate of 384,000, while the market predicted the annual rate would be 350,000. The revised annual rate of building permit in June was 570,000, while the initial annual rate was 563,000. The positive new home sales in US provided a signal for the property market to bottom out finally.

    Overnight LME aluminum prices surged but then faded. LME aluminum prices received downward pressure when soared to USD 1,875/mt and lost previous gains, and closed at USD 1,822/mt, up USD 10/mt slightly. The inventories increased by 1,950/mt to 4,554,475mt. SHFE aluminum prices have risen for several trading days propelled by speculative funds, and will continue to track upward trend before the market sentiment reports changes. However, the market concerns over higher prices will exert downward pressure on aluminum prices.

 

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