SHANGHAI, June 11 (SMM) -- LME base metals prices closed with gains due to China's positive economic data. LME aluminum prices opened at USD 1,911/mt, with the highest level and lowest level at USD 1,970/mt and USD 1,905/mt, respectively, and finally prices ended at USD 1,950/mt, up USD 20/mt compared with the previous trading day, or up 1.04%. Trading volumes were 253,000 lots, while total positions were 776,000 lots, up 918 lots. LME aluminum inventories declined consecutively to 4.5 million mt.
China's Central Government released on Thursday that China's exports jumped by 48.5% in May, the largest growth rate over six years. Trichet said the European Central Bank will keep buying government bonds, and Germany's highest constitutional court rejected a lawmaker's request for an emergency order to block the nation from participating in the euro-area rescue fund, both helping the euro rebound slightly to 1.21. The US dollar index fell from high levels, helping push up base metals prices. Positions of LME aluminum contract were near a multi-month high, while LME aluminum inventories declined consecutively to 4.5 million mt.
SHFE aluminum prices open slightly high today supported by rising LME aluminum prices, and special focus should be placed on China's macro economic data set for release on 10:00 this morning. As the Chinese Dragon Boat Festival holiday nears, the withdrawal of speculative founds may cause SHFE aluminum prices to weaken before closing today.
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