SHANGHAI, Sept. 16 (SMM) -- The US government announced on Wednesday that Industrial production in the US cooled in August to 0.2% after a 0.6% gain in July, and a separate report showed manufacturing in the New York region expanded this month at the slowest pace in more than a year. The relatively weak economic data failed to support LME base metals prices to rise further. Meanwhile, the Bank of Japan took measures to weaken the currency against the US dollar, and the US dollar index advanced as a result, and closed at 81.461, and in response, LME base metals prices retreated last night.
LME aluminum prices opened at USD 2,155/mt, with the highest level and lowest level at USD 2,165/mt and USD 2,140/mt, respectively, and finally prices closed at USD 2,154/mt, down USD 5/mt compared with the previous trading day, or down 0.2%. Total trading volumes were 135,684 lots, and total positions fell by over 20,000 lots to 632,883 lots. LME aluminum inventories increased slightly by 625 mt to 4,402,150 mt.
SHFE aluminum prices have weakened for three consecutive trading days, and prices opened slightly higher this morning, indicating investors are not overly pessimistic toward aluminum market outlook. However, technical indicators show an unclear market direction, and market players lack confidence in the upward room for aluminum prices. SMM predicts SHFE 1012 aluminum contract prices will fluctuate between RMB 15,600-15,750/mt today.
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