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Home / Metal News / [Al] SMM Morning Review - 2009/8/24 Aluminum Market

[Al] SMM Morning Review - 2009/8/24 Aluminum Market

iconAug 24, 2009 00:00
Source:上海有色金属网

SHANGHAI, Aug. 24 (SMM) -- The National Association of Realtors (NAR) released last Friday that the US existing home sales in July increased by 7.2%, with annual rate of 5.24 million units, and the estimated annual rate was 5 million units, and the revised annual rate in June was also 4.89 million units. The annual rate of US existing home sales in July set a new high since August 2007. The economic data in euro zone were better than expected. The purchasing managers index (PMI) in service sector in euro zone during August rose to 49.5, hitting a new high over 15 months, with July level of 45.7. PMI rose to 50.2 during August in France, also setting a new high over 15 months, with July level of 48.1.

    LME base metal prices rose strong, while LME aluminum prices increased to USD 1,938.5/mt, up USD 38.5/mt, and LME aluminum inventories declined by 2,600mt to 4,623,325mt. Strong performance of other base metals markets will help support SHFE aluminum prices to bottom out, so aluminum prices are expected to re-test RMB 15,000/mt again today.

 

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