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Home / Metal News / [Al] SMM Morning Review - 2009/8/10 Aluminum Market

[Al] SMM Morning Review - 2009/8/10 Aluminum Market

iconAug 10, 2009 00:00
Source:上海有色金属网

SHANGHAI, Aug. 10 (SMM) -- The U.S. Department of Labor announced last Friday that the number of non-farm employment in July from the US reduced by 247,000, the minimum decline since August 2008, and market economists forecast it would decline by 320,000. The US employment rate in July was 9.4%, while the June data was revised to be 9.5%.

    The better-and-expected US non-farm employment data boosted market optimistic sentiment with regard to economic recovery. In this context, LME base metal prices rebounded on Friday. LME aluminum prices closed at USD 2,000.5/mt, up USD 15.5%, and LME aluminum inventories declined by 6,950mt to 4,562,650mt. Any downward room for SHFE aluminum prices will be limited given stabilized LME aluminum prices, so aluminum prices are expected to move around RMB 15,000/mt in the short term.

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

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