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Home / Metal News / [Al] SMM Morning Review - 2009/12/3 Aluminum Market

[Al] SMM Morning Review - 2009/12/3 Aluminum Market

iconDec 3, 2009 00:00
Source:上海有色金属网

SHANGHAI, Dec. 3 (SMM) -- LME aluminum prices opened at USD 2,095/mt yesterday, with highest and lowest level at USD 2,165.2/mt and USD 2,090/mt, respectively, and finally prices ended at USD 2,145/mt.  Total trading volumes reported 11,492 lots, and positions were 705,473 lots.  LME aluminum inventories declined by 3,800 mt to 4,595,900 mt.

    Last night, LME copper prices set a new high, and advanced to USD 7,200/mt after broke through USD 7,100/mt, and gold prices climbed to USD 1,220/oz after broke through USD 1,200/oz, helping push up metal prices. However, crude oil prices slumped last night, as the American Petroleum Institute (API) released that crude oil inventories increased by 2.9 million barrel last week, higher than expected level of 400,000 barrel, raising investor concerns over crude oil demand, which helped curb any increases in the US stocks and base metal prices.

    Base metal prices are expected to soar further, but the upward momentum will weaken slightly technically. The US dollar index was still in upward track based on 30-minute moving average line, and is expected to exert downward pressure on base metal prices to some extent today. Recent weak fundamentals limited the upward movement for aluminum prices in SHFE markets and spot markets, and SHFE three-month contract aluminum prices are expected to test RMB 15,800/mt today.

 

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