SHANGHAI, Mar. 12 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,220/mt, with the highest level and lowest level at USD 2,240/mt and USD 2,204/mt, respectively, and finally prices ended at USD 2,235/mt. Total trading volumes reported 5,316 lots, and positions were 708,701 lots. LME aluminum inventories declined by 4,625 mt to 4,523,200 mt.
China's National Bureau of Statistics released macro economic data in February yesterday, and China's CPI rose by 2.7% YoY, up 1.2 percentage points compared with January, closing to the target of 3% set for 2010, triggering market concerns over interest rate hikes and monetary tightening, which will in turn exert sell-off pressure on base metals. The US dollar index continued to move around 80.3. The US Department of Labor announced on Thursday that the initial applications for unemployment benefits last week declined to 462,000, with the market estimate of 460,000. Financial markets will continue to hover with a lack of clear direction before downstream demand fully recovers, while commodity prices may experience reductions in the short term mainly given the market concerns over the tightness of money supply caused by inflation expectations.
SMM predicts SHFE 1006 aluminum contract prices will move in the RMB 16,800-17,000/mt range today, with the wait-and-see sentiment still dominating investors.
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