SHANGHAI, Feb. 1 (SMM) – The US Department of Commerce announced on January 31st that the US personal income for December gained 0.4%, and personal spending for December rose 0.7%, slightly higher than the projections. The favorable economic data reduced market risk appetite, and so the US dollar index moved lower to close at 77.74, a drop of 0.52%. In addition, crude oil prices ended up USD 2.85 at USD 92.19/bbl in New York on Egyptian protests. A weak US dollar and strong crude oil prices pushed up LME aluminum prices. LME aluminum market opened at USD 2,486/mt, and then moved higher, rising above USD 2,500/mt during the session, and finally closed at USD 2,519/mt, up USD 49/mt, or a gain of 1.98%. LME aluminum inventories were down by 3,450 mt to 4,521,225 mt.
Tuesday is the last trading day before the Chinese New Year holiday, and low market trading sentiment will limit domestic aluminum price gains. SMM believes that SHFE 1104 aluminum contract prices will move between RMB 16,950-17,100/mt on Tuesday.
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