Author：Site  Source：Original Site  Click to rate：1261  Post time：2014-01-06

SHANGHAI, Jan. 3 (SMM) – LME aluminum moved higher to USD 1,816/mt after opening at USD 1,799/mt on Thursday, buoyed by encouraging economic data. HSBC’s final China manufacturing PMI came in at 50.5 in December. The figure, though down from November, did stay above 50 for five months in a row. The euro zone’s manufacturing PMI for December finalized at 52.7, consistent with forecasts and hitting a 31-month high. US initial jobless claims dropped for a second straight week last week, a sign of resilience in the US economy. LME aluminum fell back to USD 1,793.3/mt after the US dollar index climbed above 80.7, but rebounded later in the day, closing up USD 6.5/mt or 0.36% at USD 1,806.8/mt. Trading volumes added 4,712 lots to 12,494 lots, while positions held flat at 720,113 lots.

A stronger US dollar will weigh on base metals. SHFE 1404 aluminum contract should move between RMB 13,960-13,990/mt on Friday. Spot aluminum in Shanghai should trade at discounts of RMB 0-40/mt over SHFE 1401 aluminum contracts.

from metal.com