SHANGHAI, Mar. 3 (SMM) -- Three-month LME aluminum prices closed at USD 2,170/mt, up USD 39/mt. Positions reported 702,365 lots, and positions declined slightly, with transactions stable. The US stock market closed up on March 2nd supported by the optimistic market sentiment amid improving manufacturing industry. Dow Jones Industrial Average rose by 2.19 to 10,405.98, up 0.02%. Nasdaq Composite Index rose by 7.22 to 2,280.79, up 0.32%. Standard & Poor's 500 Index rose by 2.60 to 1,118.31, up 0.23%. Materials and energy stocks led prices increases. CRB index closed at 275.13 on March 2nd, up 2.42, or up 0.89%, and commodity futures generally declined.
Australia's central bank raised its benchmark interest rate by 25 basic points to 4% on March 2nd, weighing down the US dollar index. The Euro rebounded from a nine-and-a-half-low against the US dollar, and investors were waiting for Greek new plans to solve debt crisis. The Greek government will hold a meeting on March 3rd to decide the economic measures, helping increase the Euro. Investor confidence recovered, and the Euro and pound rebounded, and the US dollar dropped in response, which will have positive impact on metals markets. SMM predicts LME aluminum prices will fluctuate in the USD 2,100-2,200/mt range in the short term, and SHFE aluminum prices will continue to fluctuate at low levels, with SHFE 1006 aluminum contract prices expected to test the RMB 17,000/mt mark.
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