SHANGHAI, Dec. 1 (SMM) -- The US dollar index climbed to a high of 81.444 yesterday, weighing down LME aluminum prices, and LME aluminum prices dipped to USD 2,268/mt from a open of USD 2,275/mt. Later, the Institute for Supply Management-Chicago business barometer rose to 62.5 in November, setting a record high since April 2010, far higher than the forecast of 60.0. The positive economic data boosted market sentiment, and LME aluminum prices reversed previous losses, and rallied to USD 2,287/mt, and finally closed at USD 2,275/mt, up USD 5/mt. LME aluminum prices made weaker gains than other base metals prices. Trading volumes increased slightly, and positions fell by over 7,000 lots. LME aluminum inventories jumped by 6,800 mt to 4,288,125 mt.
SHFE 1102 aluminum contract prices opened slightly higher this morning, with price gains weaker than other base metals prices. SHFE aluminum prices mainly depend on other base metals prices due to a lack of speculative funds, and SMM predicts SHFE aluminum prices will continue to struggle at the 5-day moving average, with SHFE 1102 aluminum contract prices expected to move between RMB 16,150-16,300/mt today.
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