SHANGHAI, Aug. 14 (SMM) -- The economic data released by Eurostat last night improved market sentiment. The GDP in euro zone in 2Q fell by only 0.1%, with Germany's GDP in 2Q up 0.3% on a quarterly basis and France’s GDP in 2Q up 0.3% on a quarterly basis, while GDP in euro zone in 1Q fell by 2.5%. The positive economic data released by the Europe further dampened US dollar. The US Department of Commerce announced its retail sales in July fell by 0.1%, while market forecasted it would increase by 0.7%. However, overnight LME metal prices maintained the upward trend.
LME metal prices advanced strongly propelled by positive economic data in euro zone and weakened US dollar. LME aluminum prices closed at USD 2,060/mt, up USD 80/mt, and LME aluminum inventories declined by 4,250mt to 4,561,925mt. The soaring LME aluminum prices stimulated the domestic market confidence, so SHFE aluminum prices are expected to break through the resistance level of RMB 15,500/mt today.
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