SHANGHAI, Sept. 7 (SMM) -- The US markets were closed for the Labor Day holiday yesterday, with no important economic data reported. The optimistic sentiment continued to support financial markets, and base metals inventories declined further, both helping push up LME base metals prices to new highs last night.
LME aluminum prices strengthened after opening at USD 2,160/mt, with prices later breaking through the USD 2,200/mt mark and finally closing at USD 2,204/mt, up USD 58/mt compared with the previous trading day, with a gain of 2.7%. Trading sentiment was brisk, and positions increased by 2,487 lots to 660,843 lots. LME aluminum inventories declined by 5,175 mt to 4,421,650 mt. LME aluminum prices have stood above the USD 2,200/mt mark, with heavy pressure reported, but LME aluminum prices may hold steady at this level if new macro economic data is positive.
SHFE aluminum prices again opened high and moved higher today, with SHFE 1012 aluminum contract prices trying to climb to RMB 15,900/mt. However, as SHFE aluminum prices face growing pressure as prices increase, further support from stock markets is needed for SHFE 1012 aluminum contract prices to break through the RMB 15,900/mt pressure level.
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