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Home / Metal News / [Al] SMM Morning Review - 2009/8/12 Aluminum Market

[Al] SMM Morning Review - 2009/8/12 Aluminum Market

iconAug 12, 2009 00:00
Source:上海有色金属网

SHANGHAI, Aug. 12 (SMM) -- The U.S. Department of Commerce announced on Tuesday that the wholesale inventories in June declined by 1.7% compared to May levels, while market players predicted it would decline by 0.9%. This data in May was revised to 1.2% decline from 0.8% decline. The data signals enterprises doubt whether the demand recovers or not. In addition, China’s imports of base metals during July decreased, generating investors’ concerns over the prospect of Chinese demand.

    Overnight LME base metal prices continued to fluctuate. LME aluminum prices closed at USD 1,929/mt, down USD 40.5/mt, and inventories declined by 600mt to 4,566,250mt. SHFE aluminum prices moved above RMB 15,000/mt. Positions have fallen for several consecutive trading days, and profit-takings weighed on aluminum prices, so aluminum prices will fluctuate in the high level in the short term.

 

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