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[Al] SMM Morning Review - 2009/11/6 Aluminum Market
SHANGHAI, Nov. 6 (SMM) -- LME aluminum prices opened at USD 1,916/mt yesterday, with the daily high of USD 1,940/mt and the daily low of USD 1,907/mt, and closed at USD 1,930/mt finally, with total trading volume of 5,052 lots today. The investors held a wait-and-see attitude due to uncertain base metal price trends.
The US Department of Labor announced on Thursday that the number of initial application for unemployment benefits in the US dropped to 512,000, lower than previous forecast of 523,000, helping the US dollar index rebound after plunged to 75.52 points. However, any positive impact from plunging US dollar index on base metal prices was limited, and the wait-and-see attitude dominated the investors, as market players remained concerned about demand for base metals and the employment data in the US will be released tonight.
SHFE three-month contract aluminum prices will move in the RMB 15,200-15,300/mt range today.
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