SHANGHAI, May 28 (SMM) -- The US announced the 1Q GDP was revised to an annual rate of 3.0%, and the initial claims for jobless benefits dropped in the week ended on May 22nd compared with forecast levels, both allowing the US stocks to surge, and average growth rate of Dow Jones Industrial Average, Nasdaq Composite Index, and Standard & Poor's 500 Index reached 3%. Chinese and South Korean officials said they have no plans to distance themselves from bond holdings from the euro zone, sending the euro rebounding to 1.2319, and commodity markets have climbed for two consecutive days as a result.
LME aluminum prices opened at USD 2,013/mt, but later dipped to USD 2,000/mt, and later climbed to USD 2,070/mt, with prices finally ending at USD 2,065/mt, up USD 30.5/mt compared with the previous trading day. Trading volumes were 132,372 lots, and positions increased by 5,753 lots to 727,439 lots. LME aluminum inventories continued to decline by 3,525 mt to 4,566,625 mt. LME aluminum prices are expected to advance to USD 2,100/mt in the near term.
SHFE aluminum prices are expected to open higher today stimulated by positive LME aluminum price trends, with prices expected to move between RMB 15,300-15,500/mt. Whether or not domestic A-shares market can stand at 2,600, and stabilize at 2,650, and then move higher, as well as market confidence will directly determine SHFE aluminum price trends today.
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