SHANGHAI, Dec. 23 (SMM) -- The US Department of Commerce announced on December 22nd that the US gross domestic product (GDP) in the third quarter grew by 2.6%, slightly lower than the expected level. The US dollar index rebounded after dipping to a low of 80.281 last night, and finally closed at 80.573, down 0.15% compared with the previous trading day. Recently, the US crude oil inventories posted a larger-than-expected decline and crude oil prices surged to above USD 90/bbl in response, setting a new high since October 2008.
Last night, LME aluminum prices climbed gradually after opening at USD 2,455/mt, and later kept fluctuating at high levels, and finally closed at USD 2,462/mt, up USD 27/mt compared with the previous trading day, or up 1.1%. Positions increased by 1,008 lots, and LME aluminum inventories fell further by 3,850 mt to 4,275,725 mt. Today, SHFE aluminum prices opened higher, with SHFE 1103 aluminum contract prices climbing rapidly to break through RMB 16,800/mt, but the weak momentum in other base metals prices limited any gains in SHFE aluminum prices, and SMM predicts SHFE 1103 aluminum contract prices will move between RMB 16,700-16,850/mt today.
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