[Al] SMM Morning Review - 2009/9/14 Aluminum Market

SHANGHAI, Sept. 14 (SMM) -- According to the data published last Friday, the Reuters / University of Michigan consumer confidence index in September was 70.2, higher than the estimate of 67.3, while this index was 65.7 in August. The US dollar index continued to inch down due to rising consumer confidence index from the US and positive economic data from China, but the weakened US dollar failed to drive up base metal prices, as market players paid more attention to market fundamentals. Last week, China Customs announced that China’s imports of base metals during August dropped, generating investors’ concern over Chinese demand, so last Friday LME aluminum prices closed at USD 1,842/mt, down USD 15/mt, and LME aluminum inventories declined by 2,225mt to 4,591,625mt. In domestic market, SHFE aluminum inventories increased by 5,826mt, indicating sufficient aluminum supply in domestic market, which will weigh on SHFE aluminum prices, but any downward room for aluminum prices will be limited.

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