SHANGHAI, Jan. 7 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,305/mt, and then moved higher and hit the highest level of USD 2,395/mt, setting a new high within 16 months, but later fell slightly and closed at USD 2,367/mt. Total trading volumes reported 160,022 lots, and positions were 693,236 lots. LME aluminum inventories declined by 4,725 mt to 4,619,850 mt.
The investment demand increased from the start of 2010, and aluminum demand will also improve along with the continuous economic recovery. The strong global manufacturing data, the better-than-expected 2009 December automobile sales in the US, as well as steady investment demand from the start of 2010, will all help drive up metals prices. SMM predicts SHFE aluminum prices will remain strong and move higher today, with SHFE 1004 aluminum contract expected to stand above RMB 18,500/mt. Particular attention should be paid to changes in weather conditions and supply of electric power and coal in China.
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