SHANGHAI, May 19 (CBI China) -- Chinese Central Government said China will maintain 8% of economic growth this year in accordance with the economic conditions during first four months. In addition, the Government will further introduce the economic stimulus plan to weather the seasonal low demand period, helping stimulate the optimism of global financial markets.
Overnight the U.S. National Association of Home Builders announced the monthly report concerning the market forecast of the home builders, showing the single-family home sales index in May rose to 16, hitting a new high since September last year, hinting that the most difficult period of the home builders may be drawing to a close, leading to the sharp rebounding US stock. In addition, a fire in a refinery in the United State and a riot in Nigeria pushed up the crude oil price to USD 60/barrel.
Affected by various favorable news base metal prices showed a weak performance in early trading, but rose propelled by LME copper in closing trading. Overnight LME aluminum price closed at USD 1,525/mt, up USD 3.5/mt. Today, SHFE aluminum price is expected to continue to fluctuate narrowly due to current overall weary consumption.
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