SHANGHAI, Aug. 12 (SMM) – US Department of Labor announced on August 11th that new claims of unemployment during the week from August 1st to August 6th fell by 7,000 to 395,000, a new low since April. As a result, investor confidence grew, with stock, commodity and crude oil prices closing higher and gold price, US dollar index fell.
LME aluminum prices opened lower at USD 2,394/mt overnight, and quickly climbed at the beginning to USD 2,400/mt after the French rating downgrade was proved untrue. Later announced improving US employment data also helped LME aluminum prices consolidate at USD 2,400/mt. Finally closed price was USD 2,419.3/mt, up USD 18.8/mt or 0.78%. Total positions increased by 6,835 lots to 747,802 lots.
SMM expects LME aluminum prices to open higher at USD 2,430/mt on August 12th and fluctuate between USD 2,410-2,470/mt. Most active SHFE 1110 aluminum contract prices are expected to open higher and fluctuate between RMB 17,550-17,850/mt. Spot premiums are expected to narrow to positive RMB 0-80/mt over SHFE current-month aluminum prices. Selling interest among goods holders will be high at higher prices, but transactions are expected to be limited.
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