SHANGHAI, Nov. 25 (SMM) -- LME aluminum prices opened at USD 2,028/mt yesterday, with highest and lowest level at USD 2,034.8/mt and USD 2,015/mt, respectively, and finally prices ended at USD 2,020/mt. Total trading volumes reported 6,084 lots, and positions were 690,351 lots. LME aluminum inventories declined by 3,800 mt to 4,586,550 mt.
The US Department of Commerce released on Tuesday that the GDP in 3Q increased by 2.8% on a quarterly basis after revision, lower than previous level of a growth rate of 3.5%, depressing investor expectations of economic recovery in the future. China’s futures market dropped negatively affected by plunged stock markets, exerting great pressure on base metal prices, and base metal prices fell as a result. However, the expectations of inflation still existed in the market, and gold prices surged further after slight decline, so base metal prices will likely climb further after short-term reductions.
SHFE three-month contract aluminum prices are expected to test the support level of RMB 15,500/mt today after price slumps.
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