SHANGHAI, Mar. 29 (SMM) -- Last Friday, LME aluminum prices opened at USD 2,207/mt, with the highest level and lowest level at USD 2,242/mt and USD 2,207/mt, respectively, and finally prices ended at USD 2,224/mt. Total trading volumes reported 6,132 lots, and positions were 688,113 lots. LME aluminum inventories declined by 6,975 mt to 4,579,375 mt.
The US Department of Commerce released on Friday that US's gross domestic product (GDP) grew 5.6% in the fourth quarter of 2009, lower than the estimated level of 5.9%, and also lower than the previous level of 5.9%. The expectations of economic recovery weakened, but the European leaders agreed on a standby aid plan for debt-laden Greece, and agreed to set up a financing mechanism in order to provide the lower-cost loans at the required moment, and agreed to bring in capital from the International Monetary Fund (IMF). The bailout plan for Greece exerted selling pressure on the US dollar index, which in turn boosted the recovery of long confidence in base metals. However, special attention should be paid to the US dollar trends in the future since the US dollar will remain strong in the near term.
Long confidence will recover today supported by the weakened US dollar index and rising LME aluminum prices, and SHFE aluminum prices will likely move in the RMB 16,450-16,650/mt.
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