[Al] SMM Morning Review - 2009/8/21 Aluminum Market

SHANGHAI, Aug. 21 (SMM) -- Economic data released by Federal Reserve Bank of Philadelphia on Thursday showed that the US manufacturing index in central area along Atlantic in the US in August was 4.2, while this index was minus 7.5, and market players predicted it would be minus 2, ending 10-month corrections. The US
Department of Labor announced that the number of new applications for unemployment benefits during last week increased to 576,000 from the revised level of 561,000 during previous week, much worse than analysts forecast of 550,000.

    The economic data released by the US were mixed. LME aluminum prices closed at USD 1,900/mt, down USD 55/mt. LME aluminum inventories declined by 1,350mt to 4,625,925mt. In domestic market, positions continued to decrease in SHFE aluminum market, indicating the withdrawal of some investors after closed positions. In this context, SHFE aluminum prices will continue to fluctuate in the short term in view of shortages of speculative funds.

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