SHANGHAI, Feb. 15 (SMM) -- No important economic data was released on Monday. Sources report that European finance ministers will not take measures to solve European debt crisis immediately, and the US dollar index strengthened as a result. The US dollar index opened at 78.5 and closed at 78.64, up 0.28%. Although the US dollar index rebounded further, China's positive import and export data drove up LME copper prices to a record high, and LME aluminum prices moved higher in response. In addition, United Company Rusal Limited announced that a physically-backed aluminum exchange traded fund (ETF) will be launched in Britain in the next several weeks, also boosting long investor confidence in LME aluminum prices.
LME aluminum prices climbed continuously after opening at USD 2,510/mt, and finally closed at an intraday high of USD 2,524/mt, up USD 28/mt compared with the previous trading day. LME aluminum inventories fell by 4,725 mt to 4,594,725 mt. SHFE aluminum prices opened slightly higher today, but rose slower than other base metals prices. Special focus should be put on China's macro economic data due for release today, and if inflationary pressure is eased, the upward momentum in aluminum prices will strengthen.
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