SHANGHAI, Dec. 5 (SMM) – The U.S. non-farm payroll data came out better-than-expected last Friday, helping the U.S. dollar index climbing 0.361 points to 78.665.
LME aluminum continued to move within a narrow range last Friday. The metal opened at USD 2,130/mt and closed near USD 2,120/mt. Due to the strengthening U.S. dollar and the lasting European debt crisis, positions of the metal increased 4,568 lots to 980,097 lots. The traded volume decreased 6,121 lots to 12,471 lots. The LME aluminum stock decreased 2,675 mt to 4,554,975 mt.
SMM expects LME aluminum to dip slightly today and fluctuate between USD 2,080-2,130/mt. The most active SHFE three-month aluminum contract is expected to fluctuate between RMB 16,100-16,250/mt lacking upward momentum. Downstream buyers of spot aluminum will remain cautious and deals therefore should stay light. As such, spot premiums over the SHFE current-month aluminum price are expected to narrow to RMB 0-30/mt.