SHANGHAI, Feb. 8 (SMM) – The European Central Bank (ECB) kept its interest rate unchanged at 0.75% overnight. The ECB Chief stated the eurozone economy were still under downside risk, sending the Euro down and driving the US dollar index to stand above 80. LME aluminum prices hit a high of USD 2,108/mt and moved around USD 2,100/mt during European trading hours despite the strong dollar to finally close at USD 2,103.8/mt, edging up 0.08%. LME aluminum inventories fell 8,975 mt to 5,138,775 mt.
The 1305 SHFE aluminum contract price is expected to open at RMB 15,205/mt and move between RMB 15,170-15,270/mt on January 8, with spot aluminum quoted at discounts of RMB 40-80/mt over the most active SHFE aluminum contract price. Trading in spot market will end prematurely on the last trading day before the holiday.