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Home / Metal News / [Al] SMM Morning Review - 2009/8/19 Aluminum Market

[Al] SMM Morning Review - 2009/8/19 Aluminum Market

iconAug 19, 2009 00:00
Source:上海有色金属网

SHANGHAI, Aug. 19 (SMM) -- On Tuesday, the U.S. Department of Commerce announced that annual rate of housing starts in July was 581,000 (estimated at 600,000), and this rate in June was 587,000. Annual rate of building permit in July was 560,000 (estimated at 580,000), and this rate in June was 570,000. Annual rate of housing starts fell by 1.0% in July, but grew by 6.5% in June.

    The weak US property market data has weighed on LME base metal prices, while LME aluminum prices have even grown by more than 4% stimulated by the news that an accident at Russia’s hydropower station will likely have negative impact in aluminum output. However, LME aluminum prices closed at USD 1,997/mt, up USD 19/mt, and LME aluminum inventories increased by 20,450mt to 4,572,050mt. In domestic market, struggles between long and short positions intensified, leading to neutral aluminum prices. As LME aluminum prices will help support SHFE aluminum prices to some extent, SHFE aluminum prices are expected to move around RMB 15,000/mt in the short term.

 

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