LME aluminium prices advanced on October 28, with cash and three-month contracts posting gains. The Asian Reference Price moved lower, while exchange opening stocks and cancelled warrants declined. Alumina Platts prices recorded a stronger increase. The cash bid rose 0.73 per cent to USD 3,100 per tonne from USD 3,077.50 per tonne. The cash offer increased 0.75 per cent to USD 3,101 per tonne on October 28 from USD 3,078 per tonne previously. Three-month aluminium prices also moved higher. The bid climbed 0.70 per cent to USD 3,083.50 per tonne from USD 3,062 per tonne, while the offer advanced 0.65 per cent to USD 3,084 per tonne from USD 3,064 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market...
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...
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On Monday, June 3, LME aluminum opened at $2,662.5 per tonne, hitting a high of US$2,691 per tonne, a low of US$2,637.50 per tonne, and closed at US$2,664 per tonne, up US$9 per tonne or 0.34 per cent. LME aluminium cash bid price and LME aluminium official settlement price initiated the week on Monday, June 3, with a slump of US$53 per tonne and US$52 per tonne, respectively, to stand at US$2,623 per tonne and US$2,625 per tonne. With the latest fall, the LME aluminium benchmark price stood 1 per cent lower than the previous week but remained 4.29 per cent higher than a month ago. On the same day, 3-month bid price and 3-month offer price plunged by US$43.50 per tonne and US$42.50 per tonne to stand at US$2,668 per tonne and US$2,670 per tonne. December-25 bid price and December-25 offer...
China's prebaked anode exports in April 2024 amounted to 166,800 tonnes, indicating a month-on-month downfall of 13.45 per cent and a year-on-year dip of 1.07 per cent, showed China customs data. The estimated export unit price of the material was approximately $673.5 per tonne, which was up by 0.31 per cent M-o-M but down by 31.92 per cent Y-o-Y. The cumulative export volume from January to May was 647,300 tonnes, which was significantly up by 48.25 per cent Y-o-Y, suggesting an overall positive trend in the industry's performance. Prebaked anode exports in April 2024 were primarily from three Chinese provinces - Shandong, Jiangsu, and Guangdong. Among them, Shandong exported the highest volume of prebaked anodes, reaching 139,800 tonnes, accounting for 84 per cent of the total exports....
On the previous trading day, LME aluminium opened at US$2,705.5 per tonne, with a high of US$2,737 per tonne and a low of US$2,643 per tonne. It closed at US$2,655 per tonne, down US$50 per tonne, or 1.85 per cent. On Friday, May 31, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$11 per tonne or 0.41 per cent and US$11.5 per tonne or 0.43 per cent to dock at US$2.676 per tonne and US$2,677 per tonne, respectively. As per the London Metal Exchange (LME) data , both 3-month bid price and 3-month offer price went up by US$1.5 per tonne or 0.05 per cent and US$2 per tonne or 0.07 per cent to settle at US$2,711.50 per tonne and US$2,712.50 per tonne. On the same day, both December 25 bid price and December 25 offer price added US$3 per tonne or 0.10...
The aluminium industry is witnessing significant transformations in 2024, characterised by impressive financial gains, strategic energy agreements, and innovative financial solutions. Companies like Press Metal Aluminium Bhd and New Zealand Aluminium Smelters are navigating complex global trade landscapes while prioritising sustainability and renewable energy. This case study delves into recent developments, analyses their impact, and projects future industry trends. Press Metal's financial surge - Remarkable profit growth in Q1 2024 In the first quarter of 2024, Press Metal Aluminium Bhd reported a striking 44.7% year-on-year increase in net profit, amounting to RM408.04 million. The company also saw a 17% rise in revenue, reaching RM3.62 billion. This growth is largely attributed to...
New Zealand Aluminium Smelters (NZAS) has secured the future of the Tiwai Point smelter with new 20-year electricity agreements. These arrangements ensure the smelter's ability to competitively produce high-purity, low-carbon aluminium powered by a diverse mix of renewable energy sources from New Zealand's South Island. NZAS owns and operates the Tiwai Point smelter and has entered into contracts with electricity generators Meridian Energy, Contact Energy, and Mercury NZ. These agreements establish the pricing for 572 megawatts (MW) of electricity, sufficient to meet the smelter's entire energy requirements. Subject to regulatory approvals and other conditions, these contracts are expected to commence in July 2024 and extend until at least 2044. Jérôme Pécresse, the CEO of Rio Tinto...
The three-month LME aluminium opened at US$2,787.50 per tonne and reached a high of US$2,799 per tonne and a low of US$2,683 per tonne before closing at US$2,705 per tonne, down US$89 per tonne or 3.19 per cent. On Thursday, May 30, the LME aluminium cash bid price and LME aluminium official settlement price shrank by US$29 per tonne and US$29.50 per tonne, respectively, to stand at US$2,665 per tonne and US$2,665.50 per tonne, following an incessant rally since May 24, from US$2,551 per tonne to US$2,695 per tonne. Despite the downfall, the LME aluminium benchmark price stood 4.49 per cent higher week-on-week than US$2,551 per tonne and 4.73 per cent month-on-month than US$2,545 per tonne. The 3-month bid price and 3-month offer price fell overnight by US$30 per tonne and US$30.50 per...
The Malaysian aluminium giant, Press Metal Aluminium Bhd, has demonstrated a remarkable financial performance in the first quarter of 2024, propelled by increased sales volumes and a favourable exchange rate. This impressive growth is propelled by a significant rise in both net profit and revenue, highlighting the company's strategic positioning and market adaptability in an evolving global landscape. For the quarter ending March 31, 2024 (1Q 2024), Press Metal Aluminium reported a net profit of RM408.04 million, marking a substantial 44.7 per cent year-on-year increase from RM281.97 million in the corresponding period of the previous year. Concurrently, the company’s revenue surged by 17 per cent, reaching RM3.62 billion compared to RM3.07 billion in 1Q 2023. This financial upturn is...
On the previous trading day, LME aluminium opened at US$2,732 per tonne, reaching a high of US$2,798 per tonne and a low of US$2,724 per tonne, and closed at US$2,794 per tonne, up US$62 per tonne, an increase of 2.27 per cent. The London Metal Exchange market has witnessed escalating prices this week, with the LME aluminium cash bid price and the LME aluminium offer price scoring US$42 per tonne or 1.58 per cent to officially close at US$2,694 per tonne and US$2,695 per tonne, respectively. On a Month-on-Month scale, there has been an augmentation of US$158.50 per tonne or 5.89 per cent from US$2,695 per tonne recorded on April 29. The 3-month bid price and the 3-month offer price have risen by US$36.50 per tonne or 1.35 per cent and US$37 per tonne or 1.37 per cent to arrive at US$2,740...
On May 27, 2024, SMM reported that China's social inventory of aluminium ingots stood at 781,000 tonnes, with 655,000 tonnes available for sale. This marked an increase of 14,000 tonnes from the previous week and a significant year-over-year rise of 160,000 tonnes. Regarding cargo pick-up, only 102,300 tonnes of aluminium ingots were retrieved from warehouses in China, marking a decline of 12,500 tonnes W-o-W. This decrease represents a new low since the Labour Day holidays and remains at a five-year low for the same period. The continuous accumulation of domestic aluminium ingots over nearly half a month, coupled with the persistent increase in supply but weak cargo pick-up, highlights significant inventory pressure. Domestic aluminium ingot arrivals in China to rise in late May Due to a...
According to a recent report, Japanese buyers received a premium offer of $175 per tonne from a global producer for the June-September quarter primary metal shipments. The news came after three sources directly involved in quarterly pricing talks reported as anonymous individuals. The latest offer is 18 to 20 per cent higher than the current quarter’s premium of $145-148 per tonne, which is also 61 to 64 per cent more than the prior quarter's premium of $90 per tonne. Japan is the most prominent importer of primary aluminium in Asia and thus, the premium it agrees to pay each quarter over the London Metal Exchange price becomes a benchmark for the region. According to Japanese buyers, this latest premium offer is too high considering the sluggish domestic demand for aluminium, especially...
Russian commodities firms, grappling with the challenges of executing financial transactions with their Chinese counterparts, have turned to a new opportunity for a solution - stablecoins, as reported by Bloomberg. A stablecoin is a cryptocurrency that maintains a fixed value by being linked to a stable asset. Unlike typical cryptocurrencies, stablecoins are pegged to assets like fiat currencies, such as the U.S. dollar or the Euro, and can be traded on exchanges. This innovative approach is helping to bypass traditional financial hurdles, marking a significant shift in how international trade is conducted. Stablecoins, digital currencies pegged to stable assets, offer a reliable alternative, ensuring seamless and secure transactions in the increasingly complex global market. As these...
LME aluminium opened at US$2,667 per tonne in the previous trading session, reaching a high of US$2,741.5 per tonne, a low of US$2,667 per tonne, and closed at US$2,732 per tonne, up US$74 per tonne or 2.78 per cent. On Tuesday, May 28, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$54 per tonne or 2.07 per cent to settle at US$2,652 per tonne and US$2,653 per tonne. One of the main reasons for the price hike can be attributed to strong rally in the key raw material alumina and robust demand. Gas shortages prompted mining giant Rio Tinto to declare force majeure on alumina shipments from its Australian refineries, raising concerns about supply from the world's second-largest producer. As per the LME price graph, 3-month bid price and 3-month...
Africa’s primary aluminium production in April 2024 reflected a bearish trend compared to the previous month as well as year, found the International Aluminium Institute (IAI). The month-on-month decline in April 2024 brought Africa’s primary aluminium output close to the production volume in February at 121,000 tonnes. As per the data revealed by IAI, primary aluminium production in Africa during April 2024 was 122,000 tonnes, which reflected a monthly fall of 4,000 tonnes or 3.17 per cent from 126,000 tonnes. On a year-on-year basis, Africa’s aluminium output in April was even lower from 129,000 tonnes, marking a downfall of 7,000 tonnes or 5.43 per cent. The cumulative output of primary aluminium in Africa from January to April 2024 also stood lower than during the corresponding period...
Today, on May 28, the Shanghai Futures Exchange (SHFE) aluminium benchmark price has inched up by US$29 per tonne or 1 per cent to anchor at US$2,923 per tonne. The most-traded SHFE 2407 aluminium contract opened at RMB 20,925 per tonne, reached a high of RMB 21,215 per tonne, a low of RMB 20,925 per tonne, and closed at RMB 21,160 per tonne, up RMB 160 per tonne or 0.76 per cent. London Metal Exchange market Due to the UK Spring Bank Holiday, the London Metal Exchange (LME) was closed on Monday (May 27) and will resume trading on Tuesday.
The latest data revealed by Marubeni Corporation, a prominent Japanese integrated trading and investment business conglomerate, indicates a month-on-month and a year-on-year fall in aluminium stocks across the three major Japanese ports at the end of April 2024. There have been increasingly evident supply constraints in Japan, leading to declining stocks at the ports. In addition, strong demand in the domestic market contributed to bearish aluminium stocks. As a result, Japan’s aluminium premiums for the April-June quarter saw an uptick to $145-148 per tonne , compared to $90 per tonne during the January-March quarter. Nonetheless, the port inventories remained above 300,000 tonnes at the end of April, totalling 308,100 tonnes. However, on a month-on-month basis, the stocks stood 2.3 per...
On Monday, May 27, National Aluminium Company Limited (NALCO), a state-owned Navratna CPSE under the Ministry of Mines, announced strong fiscal results for the fourth quarter and full year of FY2023-24, driven by a robust growth trajectory in production and sales. NALCO reported that its Q4 net profit recorded a two-fold jump of 101.5 per cent year-on-year, reaching INR 996.7 crore, surpassing the CNBC-TV18 poll’s prediction of INR 605 crore. During the corresponding quarter of the last financial year, NALCO’s net profit was INR 495 crore. However, the company’s revenue from operations dipped 2.5 per cent Y-o-Y in Q4 FY2024, amounting to INR 3,579 crore versus INR 3,671 crore, attributing to the lower benchmark prices of aluminium on the London Metal Exchange. The three-month aluminium...
Hindalco Industries has reported impressive performance metrics for the January to March 2024 quarter, showcasing strong margins and volumes across its aluminium and copper business segments. The company's aluminium upstream earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 24 per cent year-on-year, reaching INR 2,709 crores. This achievement is underscored by an industry-leading EBITDA margin of 32 per cent, a notable feat considering the significant rise in aluminium prices. Managing Director Satish Pai's strategic foresight shines through amid the current market volatility. He remains optimistic about the future, anticipating that aluminium prices will stabilise around $2,400 per tonne, as reported by CNBC-TV18. As of May 24, aluminium was priced at $2,598...
According to China customs data, the country’s domestic primary aluminium imports amounted to 218,500 tonnes in April 2024, down by 12.38 per cent M-o-M but up by 119 per cent Y-o-Y. Net imports were 206,300 tonnes – 115.2 per cent more than a year ago. From January to April 2024, China imported 939,000 tonnes of primary aluminium, which was significantly 192 per cent higher than in the same period last year. Net import volume in the first four months of the year was 925,000 tonnes, up 199.5 per cent Y-o-Y. Overall, in April 2024, import losses of SHFE aluminium spot persisted. Starting from mid-April, import loss expanded significantly, reaching RMB 3,122.2 per tonne. From April-end, the loss started narrowing but still remained above RMB 1,500 per tonne. China’s primary aluminium...
