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[Al] SMM Morning Review - 2009/12/2 Aluminum Market
SHANGHAI, Dec. 2 (SMM) -- LME aluminum prices opened at USD 2,057/mt yesterday, with highest and lowest level at USD 2,110/mt and USD 2,051/mt, respectively, and finally prices ended at USD 2,105/mt. Total trading volumes reported 13,365 lots, and positions were 704,818 lots.
China Federation of Logistics and Purchasing released on December 1st that China’s Purchasing Managers Index (PMI) in manufacturing sector in November remained unchanged at 55.2%, and this 18-month high level helped support market expectations of global economic recovery. The Dubai World released the first plan for debt payment, easing market concerns. The National Association of Realtors (NAR) announced on Tuesday that the pending home sales index in October increased by 3.7% to 114.1, stimulating the US stock to grow significantly, and pushing up base metal prices. In this context, gold prices climbed to break through USD 1,200/oz, and LME copper prices set a new high for 2009 and will advance to USD 7,100/mt.
LME aluminum prices were moving up to USD 2,113/mt, and are expected to break through this level in the near term. SHFE aluminum prices are expected to rise further to a range of 15,800-16,000/mt today.
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