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[Al] SMM Morning Review - 2009/9/29 Aluminum Market
SHANGHAI, Sept. 29 (SMM) -- Yesterday, LME aluminum prices opened at USD 1,822/mt, and later rebounded again supported by dropping US dollar index and rebounding stock market after hit the lowest level of USD 1,781/mt, and closed at USD 1,830/mt finally.
The US Chicago Fed National Activity Index in August was -0.90, and the index has been negative from June 2007, indicating the economy maintains a low growth level, thereby depressing the base metal prices. Aluminum prices still received pressure at USD 1,840/mt despite of technical rebound negatively affected by weak macro economic data, and LME aluminum prices are expected to fluctuate today.
In domestic market, SHFE aluminum prices have shown relatively weak performance due to dropped positions before the holiday, and are expected to move in the RMB 14,550-14,750/mt range today.
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