SHANGHAI, Jan. 19 (SMM) - LME aluminum market overnight opened at USD 2,217/mt due to favorable debt auctions by Spain and positive economic data in the US. During the session, LME aluminum prices dropped to USD 2,190/mt, but later were supported by the news that Greek debt talks will resume. Finally, LME aluminum market closed at USD 2,213/mt, down USD 4.5/mt or 0.07%. LME aluminum inventories were down 1,375 mt to 5,005,150 mt.
The US stocks advanced following positive economic data and rising earnings report at Goldman Sachs and other large companies, but European stocks showed weak performance. The European debt issues continue to dominate market sentiment. Meanwhile, high LME aluminum inventories will weigh on aluminum prices. On Thursday, LME aluminum prices are expected to move between USD 2,200-2,240/mt. On Wednesday, SHFE three-month aluminum prices moved lower after a high open, and on Thursday, SHFE aluminum market is expected to drop to track movements in LME aluminum market, with prices expected to hover between RMB 16,280-16,400/mt. With the upcoming Chinese New Year holiday, spot discounts are expected to narrow to RMB 130-80/mt.