SHANGHAI, Mar. 9 (SMM) -- No important economic data was released on Tuesday. Investor concerns over the unrest in Libya eased, causing crude oil prices to fall slightly, and the euro weakened due to mounting European debt crisis triggered by Moody’s Investors Service’s action to downgrade Greece’s credit rating. In response, the US dollar index strengthened and finally closed at 76.83, up 0.32 or 0.42% compared with the previous trading day.
Last night, LME aluminum prices opened at USD 2,560/mt, and later climbed to USD 2,604/mt, as exports of spot aluminum from Libya were disrupted. However, LME aluminum prices later lost some gains due to a stronger US dollar, investors’ profit-taking, and falling positions, and finally closed at USD 2,596/mt, up USD 38/mt compared with the previous trading day, or up 1.49%. Total positions fell by 6,104 lots to 703,274 lots.
Today, SHFE 1105 aluminum contract prices opened slightly higher at RMB 16,780/mt driven up by strengthening LME aluminum prices overnight, with prices slightly better than other base metals prices. If market trading sentiment is bullish, SMM predicts SHFE 1105 aluminum contract prices will stand steady at RMB 16,700/mt today.
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