SHANGHAI, Sept. 29 (SMM) -- The US consumer confidence index in September was 48.5, much lower than market forecast of 52. The weak consumer confidence data spurred market expectations that the Federal Reserve will take measures to stimulate US economy. In response, the US dollar index weakened to 78.871, and LME base metals prices rebounded as a result.
LME aluminum prices opened at USD 2,279/mt, with the highest level and lowest level at USD 2,320/mt and USD 2,268/mt, respectively, and finally prices closed at USD 2,309/mt, up USD 16/mt compared with the previous trading day, or up 0.7%. Total trading volumes increased slightly to 107,382 lots, while positions fell by 893 lots to 653,436 lots. LME aluminum inventories declined by 3,000 mt to 4,362,150 mt.
The bullish LME aluminum prices helped support SHFE aluminum prices, and SHFE aluminum prices have hit the pressure level. Although SHFE 1012 aluminum contract prices opened slightly lower this morning, prices later rebounded following other base metals, and SMM predicts SHFE 1012 aluminum contract prices will continue to fluctuate narrowly during the last two trading days ahead of National Day holidays.
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