SHANGHAI, May 5 (SMM) -- Yesterday, LME aluminum prices opened at USD 2,237/mt, with the highest level and the lowest level at USD 2,239/mt and USD 2,160/mt, respectively, and finally prices ended at USD 2,163/mt, down USD 92/mt compared with the previous trading day, or down 4.08%. Total trading volumes reported 165,140 lots, and total positions were 717,525 lots, down 1,162 lots. LME aluminum inventories declined by 5,900 mt to 4,529,550 mt.
German government said whether or not other 15 Euro zone members participate in the bailout plan for debt-laden Greece remains unknown, intensifying market concerns over the rescue package for Greece. In addition, the debt crisis in Portugal, Ireland, Italy, and Spain also increased market concerns, and the euro dropped to one-year low as a result, and the US dollar index advanced to above 83.5 in response, weighing down base metals prices.
SHFE aluminum prices are expected to open lower today in view of falling LME aluminum prices, and SHFE three-month aluminum contract prices will re-test the previous low of RMB 15,700/mt. However, SMM believes any downward room for aluminum prices to fall will be limited, and recent speculations of higher electricity prices will help support aluminum prices.
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