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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In the first four months of 2024, Kazakhstan saw a significant increase in aluminium exports, growing 4.7 times from 16,000 tonnes to 75,400 tonnes, according to the Kazinform agency, citing the Ministry of Industry and Construction of the Republic of Kazakhstan. Kazakhstan's exports have surged as demand for aluminium in Azerbaijan skyrocketed by eightfold, rising from 5,500 tonnes to 43,100 tonnes. Similarly, in Uzbekistan, demand surged by 10.5 times, increasing from 200 tonnes to 2,100 tonnes. Additionally, the expansion of sales into new markets such as Belarus, Bulgaria, Italy, and Poland has further bolstered Kazakhstan's export growth, according to reports. A significant factor contributing to this increase is opening new markets, including Bulgaria, which imported 2.6 tonnes of...
In addition to Century Aluminum, many US-based aluminium associations have also applauded the President’s decision to impose an additional 10 per cent tariff on aluminium imports in coordination with Mexico. This strategic move by US President Joe Biden is to check the means of escaping the tariff levied on aluminium imports from China, Iran, Russia, and Belarus. To avoid paying the US tariff, these countries were transshipping their aluminium products through Mexico. Thus, the US administration has implemented an additional 10 per cent tariff on primary aluminium products smelted or cast in China, Iran, Russia, and Belarus and arriving via Mexico. The Aluminum Association said this move was important to combat the impact of unfairly trade that had been in practice across North America....
On Thursday, July 11, the three-month LME aluminium contract opened at US$2,480 per tonne, with a high of US$2,508.50 per tonne, a low of US$2,474 per tonne, and closed at US$2,474.50 per tonne, down US$3.50 per tonne from the previous closing price. The LME aluminium benchmark price continued declining for the fourth day this week, recording a total fall of US$67 per tonne or 2.68 per cent through the week. On Thursday, July 11, LME aluminium cash bid price decreased by US$3 per tonne to stand at US$2,428 per tonne, while LME aluminium official settlement price slipped by US$3.50 per tonne to reach US$2,428.50 per tonne. 3-month bid price and 3-month offer price parked at US$2,490 per tonne and US$2,490.50 per tonne, registering a slight drop of US$1 per tonne from the previous day....
Century Aluminum Company, a US-based producer of primary aluminium, has wholeheartedly welcomed Joe Biden’s move to tighten aluminium and steel imports from China and other nations through Mexico. The United States administration has strategically imposed an additional 10 per cent tariff on primary aluminium smelted or cast in China, Iran, Belarus, or Russia arriving via Mexico. This move effectively addresses the loophole that countries were utilising to avoid US import tariffs by routing through Mexico, thereby safeguarding the domestic aluminium industry. According to Century Aluminum, this initiation is an important first step in checking aluminium transshipments and unfair trade from third-party countries through Mexico. Reportedly, in the future, aluminium smelted or cast in China,...
The US government has introduced new regulations aimed at companies from China and other nations using Mexico as a conduit to avoid tariffs on aluminium and steel shipments. Under the new rules, these firms must demonstrate the origin of their products if they wish to circumvent border taxes. About the initiative This initiative, announced by the White House, underscores President Joe Biden's efforts to demonstrate his firm stance on China, particularly in the 2024 presidential election, where he faces competition from his predecessor, Donald Trump. These measures represent an expansion of protections initially implemented by Trump in 2018 under the guise of national security, aimed at safeguarding American steel and aluminium producers and could significantly influence the upcoming...
On July 10, 2024, Alcoa Corporation announced its preliminary second quarter 2024 results ahead of its final declaration of report on July 16, 2024. The preliminary data indicates improved financial results, primarily attributed to higher average realised third-party prices of alumina and aluminium. In Q2 2024, Alcoa’s revenue is estimated to range between US$2,850-2,925 million, demonstrating an increase of around 6-10 per cent from $2,599 million in Q1 2024 and US$2,684 million in Q2 2023. Net income attributable to Alcoa is likely to hover around US$5-25 million, compared to a net loss to Alcoa of US$252 million in Q1. This expected improvement in Alcoa’s net income is due to the non-recurrence of a charge of $197 million as was in Q1 2024 related to the curtailment of the Kwinana...
On July 9, 2024, Hydro reported a fatal accident of a contractor at its joint venture primary aluminium-producing company Albras. The accident happened while the contractor was performing maintenance on an electrolysis cell. However, to determine the root cause of the incident, Hydro has already initiated an investigation together with the police and relevant authorities. Expressing deep sorrow, Eivind Kallevik, President and CEO of Hydro, said: “I am deeply saddened to learn about the fatality at our Albras joint venture plant. This tragic incident underscores the critical importance of safety in everything we do. Our heartfelt condolences go out to the family and the affected colleagues.” Albras is giving all the support to the deceased family and ensuring no repetition of such...
According to LME data released on July 10, 2024, the share of available aluminium stocks of Russian origin in London Metal Exchange (LME)-approved warehouses rose to 50 per cent in June from 42 per cent in May, while the share of Indian origin fell to 40 per cent from 50 per cent. The on-warrant aluminium stocks in LME-registered warehouses, encompassing all origins, decreased significantly by 21 per cent in June, underscoring the gravity of the situation. The data revealed that the majority of this outflow was attributed to Indian metal. Specifically, Russian aluminium stocks on LME warrant—a title document conferring ownership—declined to 232,350 tonnes last month from 246,950 tonnes in May. Meanwhile, stocks of Indian origin experienced a sharp decline, falling to 188,800 tonnes from...
The previous trading day, LME aluminium opened at US$2,495.5 per tonne, reached a high of US$2,501.5 per tonne, a low of US$2,476.5 per tonne, and closed at US$2,478 per tonne, down US$19 per tonne from the previous trading day's closing price, a decrease of 0.76 per cent. On Wednesday, July 10, both LME aluminium cash bid price and LME aluminium official settlement price declined by US$37 per tonne or 1.49 per cent and US$36.5 per tonne or 1.47 per cent to settle at US$2,431 per tonne and US$2,432 per tonne. Based on the LME aluminium price graph, both 3-month bid price and 3-month offer price dwindled by US$36 per tonne or 1.42 per cent to clock at US$2,489 per tonne and US$2,489.50 per tonne. December 25 bid price and December 25 offer price slumped by US$32 per tonne or 1.19 per cent...
According to the United States Geological Survey, the United States imported 1.36 million tonnes of aluminium (including scrap) through the first quarter of 2024 ended March 31. That reflected an annual increase of 6.25 per cent from 1.28 million tonnes. In the individual month of 2024, the United States imported 448,000 tonnes, 492,000 tonnes, and 418,000 tonnes, indicating a fluctuating trend M-o-M. After a rise in February by 9.82 per cent, the United States’ aluminium imports in March decreased by 15 per cent. The top sources of imports in Q1 2024 included Canada (874,000 tonnes), the United Arab Emirates (69,600 tonnes), Mexico (63,900 tonnes), China (approximately 42,200 tonnes), and Argentina (41,100 tonnes). However, if compared to the previous year, imports from almost all the...
On Tuesday, July 9, the three-month LME aluminum contract price opened at US$2,534 per tonne, reached a high of US$2,536.50 per tonne and a low of US$2,490.50 per tonne, and closed at US$2,497 per tonne, down US$32 per tonne from the previous closing price, a decrease of 1.27 per cent. LME aluminium cash bid price and LME aluminium official settlement price decreased by US$7 per tonne, marking the second consecutive day of fall, standing at US$2,468 per tonne and US$2,468.50 per tonne, respectively. With the latest decline, the LME aluminium benchmark price edged a week-on-week decline of US$21 per tonne from US$2,489.50 and a month-on-month plunge of US$47 per tonne from US$2,515.50 per tonne. 3-month bid price and 3-month offer price slipped by US$6.50 per tonne on the same day to come...
Under the African Continental Free Trade Area (AfCFTA) umbrella, the Minister of Commerce of Cameroon, Luc Magloire Mbarga Atangana, played a pivotal role in the initial shipment of aluminium ingots at the Douala port. This significant event, which saw the historic consignment of a modest quantity (approx. 100 tonnes) of aluminium ingots packed into containers, is a testament to the government's support and Cameroon's growing export capabilities in the aluminium industry. Produced by the Cameroon Aluminium Company (Alucam), the ingots are en route to Alfilect, an Algerian firm specialising in electrical cable production. This pivotal export not only underscores Cameroon's growing influence in the aluminium sector but also highlights the potential of AfCFTA to bolster intra-African trade....
LME aluminium opened at US$2,537 per tonne in the previous trading day, with a high of US$2,541 per tonne and a low of US$2,520 per tonne, and closed at US$2,529 per tonne, down US$10.5 per tonne from the previous trading day, a decrease of 0.41 per cent. On Monday, July 8, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$20 per tonne or 0.80 per cent to settle at US$2,475 per tonne and US$2,475.50 per tonne. 3-month bid price and 3-month offer price descended by US$12.5 per tonne or 0.49 per cent and US$13 per tonne or 0.51 per cent to clock at US$2,531.50 per tonne and US$2,532 per tonne. December 25 bid price and December 25 offer price fell by US$10 per tonne or 0.37 per cent to halt at US$2,678 per tonne and US$2,683 per tonne. LME aluminium...
The Chairman of Indian multinational mining and metal company Vedanta's Chairman, Anil Agarwal, met with the newly elected Odisha Chief Minister Mohan Charan Majhi on July 4, 2024, to discuss avenues for enhanced collaboration to enhance the state's industrial landscape. During their meeting, the Chairman reaffirmed the group's steadfast commitment to the state's progress, as outlined in a statement by Vedanta. The deliberations centred on identifying new opportunities for collaboration that would further accelerate Odisha's journey of transformation, foster socio-economic growth, and advance industrial development across the region. The Vedanta Group has made its largest-ever investment worldwide in Odisha, exceeding INR 1 lakh crore. Vedanta's aluminium assets predominantly operate in...
Last Friday, LME aluminum opened at US$2,526.50 per tonne, reached a high of US$2,557 per tonne, a low of US$2,521.50 per tonne, and closed at US$2,539.50 per tonne, registering an increase of US$12.50 per tonne from the previous closing price. The LME aluminium prices expanded further on Friday, July 5, albeit at a slower pace than the previous day. While LME aluminium cash bid price increased by US$2.50 per tonne to US$2.495 per tonne, LME aluminium official settlement price grew by US$2 per tonne to US$2,495.50 per tonne. Compared to the data of a month ago, the present LME aluminium benchmark price is 3.16 per cent or US$ 81.50 per tonne less than US$2,577 per tonne. On July 5, 3-month bid price and 3-month offer price gained US$4 per tonne to close the week at US$2,544 per tonne and...
This week, notable developments have surfaced in the upstream aluminium sector, covering bauxite, alumina, and primary aluminium. Capesize rates have surged above $30,000 per day, driven notably by unprecedented bauxite shipments from West Africa to China. The sector has seen substantial growth in the first five months of 2024 compared to the same period last year, fuelling increased demand for bauxite and aluminium. However, China's record primary aluminium production in May has impacted the alumina market, the primary raw material for aluminium production, leading to supply constraints and volatile ore prices. China achieved a historic milestone with primary aluminium production reaching a record 3.65 million tonnes. Metro Mining Limited also reported a new shipment record for Q2 of the...
LME aluminium opened at US$2,547 per tonne in the previous trading day, hitting a high of US$2,552 per tonne and a low of US$2,518 per tonne, and closed at US$2,527 per tonne, down US$22.5 per tonne or 0.88 per cent from the previous closing price. On Thursday, July 4, both LME aluminium cash bid price and LME aluminium official settlement price went up by US$6 per tonne or 0.24 per cent and US$6.5 per tonne or 0.26 per cent to settle at US$2,492.50 per tonne and US$2,493.50 per tonne. As per the LME price graph, 3-month bid price and 3-month offer price increased by US$4 per tonne or 0.15 per cent and US$4.5 per tonne or 0.17 per cent to settle at US$2,540 per tonne and US$2,541 per tonne. December 25 bid price and December 25 offer price also moved up by US$3 per tonne or 0.11 per cent...
According to the latest report, Japanese aluminium buyers have agreed to pay an 8 per cent lower premium for primary aluminium shipments for Q3 2024, ending September 30, than the previous quarter. The news came after five sources directly involved in quarterly pricing talks reported. The last offer by global producers for Q3 was $185 to $190 per tonne, compared to which the current premium is 36-37 per cent lower, standing at $118 to $119 per tonne. As opposed to the previous quarter's premium of $128 per tonne, the third-quarter premium agreed upon is 7.8-7 per cent less, following two quarters of rising premiums. In Q2 2024, Japan's primary aluminium shipment premium was 35 per cent higher sequentially, while that in Q1 was 27 per cent more. "We have settled the deals at $118 and $119...
