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Home / Metal News / [Al] SMM Morning Review - 2009/8/26 Aluminum Market

[Al] SMM Morning Review - 2009/8/26 Aluminum Market

iconAug 26, 2009 00:00
Source:上海有色金属网

SHANGHAI, Aug. 26 (SMM) -- The US S & P / Case-Shiller house price index in June rose by 1.4% compared to May; the US Conference Board announced the consumer confidence index in August rose to 54.1, better than economist forecast of 47.9; besides, the President Obama re-nominates Ben Bernanke to continue serving as Chairman of the Federal Reserve, stimulating US stocks to rise continuously. However, LME base metal prices closed down due to demand concerns and impact from profit-takings, and LME copper prices experienced largest declines given increasing inventories.

    LME aluminum prices closed at USD 1,900/mt, down USD 25/mt, and LME aluminum inventories declined by 3,575mt to 4,616,500mt. In domestic market, constant declines in LME aluminum prices will exert negative impact on domestic aluminum prices. In the mean time, plunged domestic stock markets dampened market confidence. However, the purchasing interest was relatively high when aluminum prices moved around RMB 14,700/mt, and SHFE aluminum prices are expected to fluctuate around RMB 15,000/mt narrowly in the short term.

 

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