SHANGHAI, Mar. 30 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,230/mt, with the highest level and lowest level at USD 2,290/mt and USD 2,230/mt, respectively, and finally prices ended at USD 2,280.8/mt. Total trading volumes reported 6,932 lots, and positions were 688,907 lots. LME aluminum inventories declined by 4,600 mt to 4,574,775 mt.
Yesterday, the economic report released by the US Department of Commerce shows that actual consumer spending in February rose by 0.3% after seasonal adjustment, lower than January growth of 0.4%, but the February growth can still be interpreted as optimism after the powerful snowstorm hit the US East Coast in the same period. Market investor confidence improved gradually, and the upward momentum for the US dollar index weakened to around 81.2 as the Greece debt crisis was agreed to be resolved, which will help support base metals prices to move higher. However, market sentiment will be mixed in 2010 under the context of inflationary expectations and inflation control, and the US dollar index still has the upward momentum.
SMM predicts SHFE 1006 aluminum contract prices will continue to advance today, with prices expected to move in the RMB 16,650-16,800/mt range.
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