[Al] SMM Morning Review - 2009/8/17 Aluminum Market

SHANGHAI, Aug. 17 (SMM) -- Data released last Friday show that the initial Reuters / University of Michigan consumer confidence index was 63.2 during August, the lowest level since March, lower than market forecast of 68.5, while the final data in July was 66.0. The industrial production in the US during July grew by 0.5% compared to June, while the market predicted it would grow by 0.3%. The capacity utilization was 68.5%, while the market forecast was 68.3%. Although the industrial production has grown for recent several months, the consumer confidence index in early August fell unexpectedly, improving market concerns with regard to economic recovery.

    LME base metal prices dropped last Friday due to profit-takings of investors, and LME aluminum prices closed at USD 1,970/mt, down USD 90/mt. The inventories declined by 5,250mt to 4,556,675mt. SHFE aluminum prices will remain high in the short term.

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