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Home / Metal News / [Al] SMM Morning Review - 2009/10/13 Aluminum Market

[Al] SMM Morning Review - 2009/10/13 Aluminum Market

iconOct 13, 2009 00:00
Source:上海有色金属网

SHANGHAI, Oct. 13 (SMM) -- Yesterday, LME aluminum prices opened at USD 1,909/mt, and hit the highest USD 1,958/mt boosted by dropping US dollar, and closed at USD 1,935/mt finally. LME aluminum inventories continued to decrease recently, but still remained above 4.5 million mt. However, the increased earnings of Alcoa and continuous declines in LME aluminum inventories helped drive up investors' confidence in aluminum consumption.

    Yesterday, financial markets in Japan and US were closed, and trading volume of base metals dropped as a result. However, trading volume in LME aluminum market increased from previous trading day, indicating investors' optimism in aluminum. LME aluminum prices are expected to grow further in the near future, but SHFE aluminum prices have shown weak performance and still met pressure at RMB 15,000/mt. SHFE aluminum prices are expected to move around RMB 15,000/mt today.

 

Copyright © 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.

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