SHANGHAI, Aug. 13 (SMM) -- LME base metals prices closed with gains yesterday. LME aluminum prices opened at USD 2,145/mt, with the highest level and the lowest level at USD 2,174/mt and USD 2,135/mt, respectively, and finally ended at USD 2,163.5/mt, up USD 21.5/mt compared with the previous trading day, or up 1%. Total trading volumes were 74,574 lots, and total positions were 716,781 lots, up 3,808 lots. LME aluminum inventories declined by 4,125 mt to 4,384,250 mt.
The US government announced on Thursday the initial jobless claims rose to 484,000 last week, higher than the forecast of 465,000. Meanwhile, sources report Cisco Systems' earning report was weaker-than-expected. The negative macro economic data still depressed market confidence, and the US dollar index has strengthened for four consecutive days and closed at 82.589 points as a result. LME aluminum prices rebounded technically after continuous declines, but market pessimism still persisted in the market, eroding this round of price rallies, and investor confidence remained weak as well. As a result, LME aluminum prices finally faced heavy selling pressure and lost some gains when the US dollar strengthened continuously.
SHFE aluminum prices underwent downward corrections as well, and SHFE 1011 aluminum contract prices struggled at RMB 15,400/mt after opening slightly higher today, but short momentum remained strong, and special focus should be paid to China's A-share market movements today, and SHFE aluminum prices are expected to test the support at the 30-day moving average.
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