SHANGHAI, Oct. 26 (SMM) -- LME aluminum prices opened at USD 1,968/mt last Friday, and later hit the daily high of USD 2,000/mt, with greater pressure, but then dropped due to profit-takings, and hit the daily low of USD 1,957/mt negatively affected by rebounding US dollar, and closed at USD 1,974/mt finally.
The National Association of Realtors released on Friday that the US existing home sales in September grew by 9.4% to an annual rate of 5.57 million units, higher than previous forecast of 5.35 million units, hitting a new high since July 2007. The positive housing data became the major driving force for LME aluminum prices to test the pressure level of USD 2,000/mt. However, the US dollar index rebounded continuously to a daily high of 75.45, resulting in profit-takings of LME aluminum.
LME aluminum prices will continue to test the pressure level of USD 2,000/mt in the near future. SHFE aluminum prices lacked upward momentum due to sufficient market supply, and are expected to fluctuate around RMB 15,000/mt narrowly today.
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