Copper could climb towards USD 16,000 per tonne over the next six to 12 months, while aluminium may offer a shorter-term trading opportunity following its recent correction, according to Navneet Damani, senior group vice-president and head of research for commodities and currency. Speaking on BusinessLine’s Trending Commodity Picks programme, Damani said copper continued to benefit from supply constraints and demand from emerging industries, while aluminium’s price trajectory had been influenced by fluctuations in energy costs and changing supply conditions. Damani said aluminium had climbed from around USD 3,100 to USD 3,600 per tonne earlier in 2026, supported by increases in electricity, crude oil and coal prices. The metal subsequently corrected towards USD 3,300 per tonne, although...
Chinese aluminium producers are planning a major expansion overseas, with at least 15 million tonnes per annum (MTPA) of new primary smelting capacity announced or planned across Southeast Asia, the Middle East, Central Asia and Africa. The expansion could push the global aluminium market into surplus , although tighter scrutiny from Beijing and concerns over project profitability may limit how much capacity is built. Around 2.85 MTPA of the planned capacity is already under construction or being brought into operation. This represents 3.8 per cent of the current global annual smelting capacity of 73.78 million tonnes. The new projects, combined with recovering aluminium output in the Middle East, are expected to change the global supply balance. Morgan Stanley forecast in July that the...
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Baotou Aluminum has achieved a significant milestone by successfully passing the national thermal coal testing capability verification for the third consecutive year. The Shandong Institute of Metallurgical Science Co., Ltd conducted this verification, which was authorised by the China National Accreditation Service for Conformity Assessment (CNAS). Following a thorough on-site inspection and data audit, experts have affirmed that the Baotou Aluminum Center laboratory's testing capabilities and technical proficiency are exceptional. As a result, the laboratory has been officially certified. Moving forward, the central laboratory will further enhance its inspection and testing capabilities to bolster its technical support for the green, low-carbon, and high-quality development of service...
According to the International Aluminium Institute, primary aluminium production in Africa during the first half of 2024 demonstrated a year-on-year downswing, mostly due to the bearish Q1. As per IAI data, Africa's total primary aluminium output in H1 2024 edged a fall of 2.8 per cent Y-o-Y from 788,000 tonnes to 766,000 tonnes. In the June quarter (Q2), the output amounted to 388,000 tonnes, which was 2 per cent lower than 396,000 tonnes in Q1 2023 but 2.65 per cent higher Q-o-Q compared to 378,000 tonnes. Analysis of the production downfall The above data demonstrates a quarterly rise in Africa's primary aluminium output, but it has been enough to offset the annual downtrend. The decline in Africa's primary aluminium production could be primarily attributed to Mozal Aluminium, which...
According to the Shanghai Metals Market survey, A00 aluminium ingot price has recovered RMB 190 per tonne to close the week on Friday, July 26, at RMB 19,200 per tonne. However, despite the latest rise, the price is down week-on-week by RMB 290 per tonne and month-on-month by RMB 860 per tonne. The average prices today are estimated to range between RMB 19,180 per tonne and RMB 19,220 per tonne, with a spot contract to be traded at a discount price of RMB 60-20 per tonne. China’s domestic low-carbon aluminium price has also escalated by RMB 175 per tonne, standing at RMB 20,021 per tonne. However, on a week-on-week basis, the price has edged a fall of RMB239 per tonne from RMB 20,260 per tonne, and on a month-on-month calculation, the price stands RMB 766 per tonne lower than RMB 20,787...
The previous trading day, LME aluminium opened at US$2,298 per tonne, hit a high of US$2,303 per tonne and a low of US$2,266 per tonne, and closed at US$2,277.5 per tonne, down US$17.5 per tonne, a decrease of 0.76 per cent. Aluminium prices have been significantly down since the beginning of July. After witnessing bearish growth for the past two days, on Thursday, both LME aluminium cash bid price and LME aluminium official settlement price dwindled by US$47 per tonne, or 2.07 per cent, and US$47.5 per tonne, or 2.09 per cent, to settle at US$2,218 per tonne and US$2,218.50 per tonne, respectively. W-o-W, the benchmark price also fell US$116.5 per tonne, or 4.98 per cent, from US$2,335 per tonne. The 3-month bid price and 3-month offer price also declined by US$37 per tonne, or 1.60 per...
We are delighted to announce the upcoming IBAAS-IIM 2024 International Bauxite, Alumina & Aluminium Conference & Exhibition, set to take place during September 25-27, 2024 in the beautiful Goa, India. This prestigious event is poised to be a pivotal gathering for industry professionals, researchers, and enthusiasts, fostering collaboration and innovation within the bauxite, alumina, and aluminium sectors. Why Attend IBAAS-IIM 2024? Engaging Keynote Sessions: Hear from renowned experts and thought leaders who will share their insights on the latest trends, challenges, and advancements in the industry. Our keynote sessions are designed to inspire and inform, setting the stage for fruitful discussions. Over 70 In-Depth Technical Presentations: Gain valuable knowledge from over 70 technical...
Emirates Global Aluminium, the largest premium aluminium producer in the world and the biggest industrial company in the United Arab Emirates outside oil and gas, has digitally linked its metals quality analysis system to the London Metal Exchange. EGA is the world's first company to do so, enabling the automation of the process of submitting analysis certificates. These are quality assurance documents required for metal shipments into and out of LME-approved warehouses worldwide. Metals are eligible for delivery into LME warehouses only when they meet specified standards for quality, shape, weight, and the Exchange's responsible sourcing requirements. Emirates Global Aluminium has achieved a significant milestone by connecting certificates of analysis digitally to the London Metal...
On Wednesday, July 24, the three-month LME aluminum contract opened at US$2,296 per tonne, reached a high of US$2,320.50 per tonne and a low of US$2,286 per tonne, and closed at US$2,295 per tonne, down US$2.5 per tonne or 0.15 per cent. LME aluminium cash bid price and LME aluminium official settlement price inched up for another day by US$2 per tonne after relentless declines since the beginning of July. With a slight growth for the second day in a row, LME aluminium cash bid price clocked at US$2,265 per tonne and LME aluminium official settlement price arrived at US$2,266 per tonne, which was however, down by 4.1 per cent week-on-week from US$2,363 per tonne. 3- month bid price and 3-month offer price, on the other hand, continued to decline by US$3 per tonne to stand at US$2,312 per...
Intalco Aluminum LLC, a wholly owned subsidiary of Alcoa Corporation, the operator of the closed aluminium smelter in Ferndale, has agreed to a $5.25 million settlement with the U.S. Environmental Protection Agency (EPA). This settlement addresses violations of the Clean Air Act identified during a 2019 EPA inspection. Operations at the site began in 1966, and in 1984, the smelter shipped a record 286,000 tonnes of aluminium, a strong, durable, and lightweight metal essential for manufacturing aircraft and consumer goods such as refrigerators, air conditioners, and cooking utensils. According to Mark Personius, the director of Whatcom County Planning and Development, Intalco has submitted an application for a permit to demolish its former smelter site at Intalco Works. Personius informed...
Amid growing concerns about demand, A00 aluminium ingot price has continued to decline by RMB 90 per tonne on Wednesday, July 24, to reach RMB 19,200 per tonne, marking almost a four-month low. The average prices are expected to range between RMB 19,180 per tonne and RMB 19,220 per tonne, with spot contract to be traded at a discount price of RMB 80-40 per tonne. According to the Shanghai Metals Market, China’s domestic A00 aluminium ingot price has edged a sharp W-o-W decline of RMB 290 per tonne from RMB 19,490 per tonne, while the price on a M-o-M basis has nosedived by RMB 1,060 per tonne from RMB 20,260 per tonne. A00 aluminium ingot price across regions In Gongyi, the A00 aluminium ingot price has descended by RMB 100 per tonne to stand at RMB 19,090 per tonne, followed by a...
The previous trading day, LME aluminium opened at $2,319 per tonne, hit a high of $2,327 per tonne and a low of $2,293 per tonne, and closed at $2,298.5 per tonne, down $16 per tonne, a decrease of 0.69 per cent. After witnessing a fall for the past few days, the LME aluminium cash bid price and LME aluminium official settlement price moved up by US$4.5 per tonne or 0.19 per cent and US$5 per tonne or 0.22 per cent. The prices as of Tuesday, July 23 settled at US$2,263 per tonne and US$2,264 per tonne. W-o-W the LME aluminium benchmark price had declined by US$99 per tonne or 4.18 per cent from US$2,363 per tonne. As per the LME price graph, both 3-month bid price and 3-month offer price inched down by US$1 per tonne or 0.04 per cent and US$0.5 per tonne or 0.02 per cent to settle at...
On Tuesday, July 23, Norsk Hydro ASA, a Norwegian aluminium and renewable energy company, headquartered in Oslo, posted its second quarter results for 2024, revealing a 7 per cent sequential increase in revenue to NOK 50,944 million versus NOK 47,545 million in Q1. However, on a year-on-year basis, the company's revenue decreased by 5 per cent from NOK 53,630 million. Hydro's total revenue in H1 2024 was NOK 98,490 million, down by 3.6 per cent from NOK 102,164 million in H1 2023. Hydro's Adjusted EBITDA also saw a year-on-year decline in Q2 2024, standing at NOK 5,839 million, down by 18 per cent from NOK 7,098 million. Sequentially, it rose 8 per cent from NOK 5,411 million. The year-on-year decline in Q2 adjusted EBITDA also led to a reduced EBITDA for H1 to NOK 11,250 million versus...
According to the latest data revealed by the International Aluminium Institute (IAI), global primary aluminium production saw a year-on-year bullish trend through the first half of 2024 despite occasional slowdowns in certain months. In three of the first six months of 2024, world primary aluminium production witnessed a boost, exceeding 6 million tonnes each month, which drove the growth of the total H1 output, offsetting the impact of intermittent declines. According to IAI, world primary aluminium production in H1 amounted to 35.838 million tonnes, 3.89 per cent ahead of the previous year’s output of 34.495 million tonnes. In June 2024, the world’s production stood at 5.94 million tonnes, down M-o-M by 3.19 per cent from 6.136 million tonnes but up Y-o-Y by 3.18 per cent from 5.757...
On Monday, July 22, the three-month LME aluminium contract opened at US$2,345 per tonne, reached a high of US$2,364.50 per tonne, a low of US$2,296 per tonne, and closed at US$2,314.50 per tonne, down US$35.50 per tonne or 1.51 per cent. The above downward graph of the LME aluminium benchmark price establishes a relentless decline in the price since the beginning of July. The previous day, both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$53 per tonne over the weekend to reach US$2,258.50 per tonne and US$2,259 per tonne, respectively. The prices stood at their lowest in almost four months amid growing concerns about demand, particularly lacklustre conditions in China, the top consumer of aluminium. The 3-month bid price and 3-month offer price...
The Tiwai Point Aluminium Smelter, owned by Rio Tinto and the Sumitomo Group, has decided to reduce its power consumption by 185 megawatts, which is about 4 per cent of the country's energy usage. According to a report, the Tiwai Point Aluminium Smelter's decision is based on historically low hydro lake levels affecting Meridian Energy's power generation. Last week, Meridian Energy appealed to the smelter to cut power usage of 100 megawatts. Meridian Energy's wholesale general manager, Chris Ewers, said the company issued the power usage cut notice to the Tiwai Point Smelter to help manage South Island hydro storage levels after recent low rainfall. Meridian Energy has the right to ask the Tiwai smelter to reduce its power usage as part of a 20-year energy supply contract signed in May ....
The previous trading day, LME aluminium opened at US$2,381.5 per tonne, with a high of US$2,385.5 per tonne, a low of US$2,350 per tonne, and closed at US$2,350 per tonne, down US$35.5 per tonne, a decrease of 1.49 per cent. On Friday, July 19, both LME aluminium cash bid price and LME aluminium official settlement price slumped by US$22.5 per tonne or 0.96 per cent and US$23 per tonne or 0.98 per cent to settle at US$2,311.50 per tonne and US$2,312 per tonne. 3-month bid price and 3-month offer price dwindled by US$29 per tonne to clock at US$2,367 per tonne and US$2,368 per tonne. As per the LME data, December 25 bid price and December 25 offer price dropped by US$27 per tonne or 1.05 per cent to dock at US$2,528 per tonne and US$2,533 per tonne. On the same day, LME aluminium opening...
Vedanta Limited, the Indian multinational mining and metal giant, has achieved a significant financial feat. The company successfully raised over USD 1 billion (INR 8,500 crore) through a Qualified Institutions Placement (QIP), as revealed in a recent stock exchange filing. The QIP, which involved 19.31 crore equity shares, was priced at INR 440 per share, a 4.61 per cent discount to the floor price of INR 461.26 per equity share. This successful issue concluded on July 19. The QIP, which saw the participation of major players in the investment industry, including the Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund, and Mirae Mutual Fund, is a testament to the confidence these...
Aluminium is an essential component of the global economy, and this week, the upstream sector witnessed some significant events. To begin with, China, a dominant force in the global aluminium market, has once again demonstrated its leadership. As per the data from the National Bureau of Statistics (NBS), in June, China churned out a staggering 3.67 million tonnes of primary aluminium, marking a 6.2 per cent surge Y-o-Y. Also, the ongoing demand-production gap reflected a bearish trend in China's A00 aluminium ingot price. Apart from this, AL Circle launched the 25th edition of its e-Magazine titled "Advanced Industrial Technologies in the Aluminium Industry" . This landmark issue explores the latest innovations and transformative technologies revolutionising the aluminium sector...
Note: This is an AI-generated image for representational purpose On July 17, Alcoa Corporation reported its consolidated results for the second quarter of 2024, ended June 30, following a preliminary report published in the previous week. The company declared that its revenue in Q2 stood at $2.906 million, as was estimated in the preliminary report . On a quarter-on-quarter basis, the revenue grew 12 per cent from $2.599 million, and on an annual calculation, it grew by 8.27 per cent from $2.684 million. The net income released in the final report also aligned with the preliminary results, amounting to $20 million. Adjusted net loss totalled $30 million, in line with the $15-35 million projection. Adjusted EBITDA excluding special items totalled $325 million, up by 146 per cent Q-o-Q from...
