SHANGHAI, Sept. 9 (SMM) -- President Barack Obama floated a USD 350 billion stimulus package designed to assuage the fears of troubled homeowners and create jobs on Wednesday, and the successful bond auction in Portugal also helped ease market concerns triggered by European stress tests of major banks, and the bullish financial market sentiment stimulated the European and the US stock markets to rebound. Meanwhile, market players were optimistic toward China’s preliminary trade data due for release on Friday. As a result, LME base metals prices rebounded and closed with gains yesterday.
LME aluminum prices opened at USD 2,160/mt, with prices weaker than other base metals, and with the highest level and lowest level at USD 2,175/mt and USD 2,145/mt, respectively, and finally prices closed at USD 2,160/mt, down USD 1/mt compared with the previous trading day, or down 0.05%. Total trading volumes were 171,750 lots, while positions were 667,472 lots, up nearly 10,000 lots. LME aluminum inventories fell by 1,125 mt to 4,415,950 mt.
Although SHFE aluminum prices posted a weaker increase than other base metals prices, SHFE 1012 aluminum contract prices found support at RMB 15,800/mt, and SMM predicts SHFE 1012 aluminum contract prices will move between RMB 15,750-15,950/mt today.
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