SHANGHAI, Dec. 20 (SMM) --The US Conference Board announced on December 17th that the leading indicator in November was up 1.1%, which is in line with market expectation. The US dollar was relatively weak earlier, and hit 79.554. In this context, LME base metal prices largely opened high, with LME aluminum prices opening at USD 2,334/mt. Later the euro was weighed and the US dollar index climbed above 80 with the coming of the news that Moody cut Ireland’s credit rating. However, market expectation of growing base metal demand was strong, and base metal prices were resistant led by LME copper prices. LME aluminum prices hit the lowest USD 2,323/mt and reached the highest at USD 2,336/mt, with price ending at USD 2,335/mt, up by USD 20/mt or 0.86% from a day earlier.
Today, SHFE aluminum for delivery in three months opened at Last Friday’s highest level. Although prices are above all moving averages and are on upward track, any room for prices to rise significantly may be limited due to speculators’ lower appetite for aluminum. SMM believes that SHFE aluminum prices will test whether or not support is available at 30-day moving average.
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