SHANGHAI, Mar. 28 (SMM) -- The Federal Reserve said on March 25th that it will rapidly shift from long-term easing monetary policy to tightening monetary policy in order to curbing the rapidly rising consumer spending in the US. In response, the US dollar index rebounded strongly during European trading hours, with the index breaking through recent resistance level of 76 and finally closing at 76.133, up 0.424 or 0.56% compared with the previous trading day.
LME aluminum prices opened slightly higher at USD 2,635/mt, and later climbed further to a high of USD 2,650/mt supported by high energy costs. At the end of trading, LME aluminum prices lost some gains due to a stronger US dollar, and finally closed at USD 2,641/mt, up USD 11/mt or 0.42% compared with the previous trading day. Total positions increased by 8,333 lots to 713,063 lots.
Today, LME aluminum prices are expected to struggle at USD 2,650/mt on the electronic trading. SHFE 1106 aluminum contract is expected to become the most actively traded contract today. SHFE aluminum prices opened slightly higher following strengthened LME aluminum prices, with prices testing the support at RMB 16,900/mt. Spot aluminum market fundamentals remain weak, so any increases in spot aluminum prices will be limited, with prices expected to move around RMB 16,700/mt today.
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