SHANGHAI, Aug. 16 (SMM) -- Last Friday, the US government released the consumer confidence index in August was higher than July levels, but the US business inventories in June grew by 0.3% on a monthly basis, higher than forecast. The mixed economic data allowed consumers to continue to adopt a cautious attitude toward economic growth forecast, waiting for additional news. As a result, investors paid more attention to the US dollar, a safe-haven currency, and the US dollar index strengthened to 82.92, and LME base metals prices closed with declines in response.
LME aluminum prices opened at USD 2,160/mt, with the highest level and the lowest level at USD 2,170/mt and USD 2,110/mt, respectively, and finally ended at USD 2,110/mt, down USD 53.5/mt compared with the previous trading day, or down 2.47%. Total trading volumes were 168,937 lots, and total positions were 721,320 lots, up nearly 5,000 lots. LME aluminum inventories declined by 1,850 mt to 4,382,400 mt.
Today is the last trading day for SHFE 1008 aluminum contract, and SHFE aluminum prices fell at a slower pace compared with LME aluminum prices. Special attention should be paid to China's A-share market movements today, and SMM predicts SHFE 1011 aluminum contract prices will move between RMB 15,300-15,500/mt today.
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