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[Al] SMM Morning Review - 2009/10/15 Aluminum Market
SHANGHAI, Oct. 15 (SMM) -- Yesterday, LME aluminum prices opened at USD 1,908/mt, with the lowest price of USD 1,885/mt and the highest price of USD 1,935.5/mt, and closed at USD 1,914/mt finally.
Yesterday, China Customs released that China's copper imports increased unexpectedly, driving up SHFE metal prices in the afternoon and leaving confidence to investors. In addition, the US dollar dropped further, pushing up nonferrous metal prices. In this context, LME metal prices climbed yesterday. However, LME copper prices still received strong pressure around USD 6,300/mt given demand concerns.
LME aluminum prices only reported a growth rate of RMB 0.22%. There is great possibility base metal prices will inch up in the near future due to positive China's import data. However, any upward momentum will be limited in view of weak actual demand. SHFE aluminum prices are expected to fluctuate in the RMB 14,900-15,000/mt range today.
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