LME aluminium prices softened on September 22, with the cash and three-month contracts declining from the previous trading session, while LME aluminium opening stocks also edged lower on September 23. On September 22, the LME aluminium cash bid price stood at USD 3,240 per tonne, down 0.66 per cent from USD 3,261.5 per tonne on September 21. The cash offer price was USD 3,242 per tonne , down 0.63 per cent from USD 3,262.5 per tonne. The LME aluminium 3-month bid price stood at USD 3,263.5 per tonne on September 22, compared with USD 3,272.5 per tonne on September 21, representing a decline of 0.28 per cent. The 3-month offer price fell 0.27 per cent to USD 3,264 per tonne from USD 3,273 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our...
SHFE aluminium closed at RMB 24,245 per tonne, edging up 0.02 per cent. The price stood above the MA10 (24,236) but was capped by the MA5 (24,386), still well above the MA30 (24,084) and MA60 (23,729.92). The medium-term bullish structure remained intact, while short-term moving average resistance was evident. On the MACD indicator, DIF stood at 102.44 and DEA at 125.85, with the high-level death cross persisting. The green bar narrowed to -46.80 (previous day -50.36), indicating slightly weakening bearish momentum. Trading volume shrank to 52,300 lots, reflecting a strong wait-and-see sentiment in the market. The suggested core trading range for SHFE aluminium is 24,000-24,600. LME aluminium closed at USD 3,266 per tonne, up 0.21 per cent. The price was slightly below the MA5 (3,275.6)...
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The US dollar rose on Tuesday on the back of a record rise in US retail sales. LME and SHFE base metals mostly closed higher on the day. Three-month LME aluminium gained for the second straight session. It ended up 1.04% on the day at US$1,604 per tonne. As of Tuesday June 16, LME aluminium cash (bid) price stands at US$ 1573.50 per tonne, LME official settlement price stands at US$ 1573.50 per tonne; 3-months bid price stands at US$ 1595.50 per tonne, 3-months offer price is US$ 1595.50 per tonne; Dec 21 bid price stands at US$ 1703 per tonne, and Dec 21 offer price stands at US$ 1703 per tonne. The LME aluminium opening stock stood at 1616550 tonnes. Live Warrants totalled 1408325 tonnes, and Cancelled Warrants were 208225 tonnes. LME aluminium 3-months Asian Reference Price is hovering...
The A00 aluminium ingot price in China has recorded a hike for the third straight day on Wednesday, June 17, found Shanghai Metals Market. Following the growth of RMB 150 per tonne on June 16, the A00 aluminium ingot price today has climbed by RMB 110 per tonne to stand at RMB 14,080 per tonne. With this, the price of aluminium ingot has crossed the 14K level since early February of this year. The average prices today are expected to range between RMB 14,060 per tonne and RMB 14,100 per tonne, with spot contract to be traded at a premium price of RMB 180-220 per tonne. Foshan, among all the major Chinese markets, has seen the highest growth today in A00 aluminium ingot price by RMB 140 per tonne to peg at RMB 14,160 per tonne. Wuxi and Chongqing have witnessed an increase of RMB 120 per...
The economy of Argentina is an upper-middle-income economy for the fiscal year 2019 according to the World Bank. It is the second-largest in South America behind Brazil. Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Early in the twentieth century Argentina had one of the ten highest per capita GDP levels in the world, on par with Canada and Australia and surpassing both France and Italy. The major industries of the driving the economy of the Latin American nation are food processing, beverages, motor vehicles and auto parts appliances, electronics, machinery and equipment; chemicals, pharmaceuticals, glass steel, aluminium, cement, textiles, tobacco products, publishing, furniture...
The United States removing Canada’s exclusion from aluminium tariffs with quotas, focusing to encourage the survival chances of the local producers. The aluminium market has exhibited its price rising in the prospect. However, some US aluminium industry references are expecting the exemption to be lifted completely. This would slow down Canadian imports and stimulate a huge price rise, securing the possibility of high-priced US smelters i.e. Magnitude 7 Metals and Century Aluminium. The USA aluminium pricing is positioned on the physical market premium AUPc1 plus the standard price CMCU3 on the LME, presently around $1,570 per tonne. An outpouring of aluminium from Canada and the drop in demand in present due to COVID-19 lockdowns has forced the US premium below $180 per tonne from $400...
The US dollar declined on Monday amid mounting fears of a second wave of the coronavirus pandemic. The Federal Reserve announced it would buy individual corporate bonds in the secondary market, and this sparked a risk-on move, sending US stocks higher and safe-haven assets like the US dollar lower. Against a basket of currencies, the dollar eased but still held close to a more than one-week high hit in the previous session. Three-month LME aluminium regained losses from early session last night, as it rallied from a session low of US$ 1,564.5 per tonne and closed 0.73% higher on the day at US$ 1,587.5 per tonne. Open interest added 1,243 lots to 869,000 lots as longs loaded up their positions. On Monday, June 15, both LME aluminium cash (bid) price and LME official settlement price...
Vedanta has cut its aluminium products price for the second time in a row. With effect from Saturday 13 June 2020, the prices of some aluminium ingots are in the range of INR 135,750-148,750 per tonne, registering a decline of INR 1500 per tonne or 1.09% from INR 137,250-150,250 per tonne on June 12. With the latest decline, Vedanta’ billet now stands at INR 143,750 per tonne, a decrease of INR 1500 per tonne or 1.06% from INR 145,250 per tonne on June 12. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Vedanta Limited cuts its aluminium Cost of Production (CoP) in...
Shanghai Metals Market chief aluminium analyst Frank Liu estimates strong domestic demand for aluminium to likely sustain till mid-June in China. Speaking at the China International Aluminium Processing Industry Summit in Yantai on June 11, Liu pointed out that although the global demand for aluminium has weakened as expected amid the Coronavirus crisis, there has been no significant impact on the domestic consumption. In China, demand from the construction industry rose since mid-March and demand from the pharmaceutical sector increased after the Chinese New Year holiday, resulting in the ramp-up in aluminium consumption. Demand from the home appliance sector, on the other hand, surged after the Labour Day holiday, becoming a key driving force for the Chinese aluminium market, said Liu....
The Federal Financial Police of Bosnia-Herzegovina submitted a report on the operations of the former Mostar giant and aluminium smelter “Aluminij” to the Government, which refers to the period from 1 st January’14 to 10 th July’19. The Federation’s Financial Police tracked down all cash flows, and now it is expected that the report will be submitted to the Prosecutor’s Office, on the existence of grounds for suspicion of committed crimes and perpetrators. The report that was submitted to the Federal Government, states exclusively that the total value of the share capital of “Aluminij” Mostar is 190,110,000 BAM, however, the loss above the amount of capital is as much as 273,638,742 BAM. To make things worse, the complete assets of “Aluminij” for 408,208,254 BAM are financed from other...
Hindalco Industries Ltd has cut its aluminium products price, marking the second consecutive fall. With effect from June 13, Hindalco aluminium ingots price now stands at INR 137,250 per tonne, a drop of 1.08% or INR 1,500 per tonne from INR 138,750 per tonne on June 12. The company is now selling its wire rods and billets at INR 148,350 per tonne and INR 144,350 per tonne with effect from Saturday, 13 June 2020. This registered a decline of INR 1,500 per tonne each from June 12. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium declined by more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to decline over the weekend. The drop in stocks was due to robust demand and higher arrivals. Inventories stood at 767,000 tonnes as of Monday June 15, down 20,000 tonnes from Thursday June 11. The chart below shows the current status of the primary aluminium inventories across China in more details: Primary aluminium stocks in Wuxi and Shanghai decreased by 12,000 tonnes and 5,000 tonnes from June 11 to stand at 273,000 tonnes and 112,000 tonnes. But inventories in Nanhai and Chongqing rose by 3,000 tonnes and 1,000 tonnes to stand at 164,000 tonnes and 10,000 tonnes. In Tianjin and Linyi, inventories of aluminium remained unchanged at...
The US dollar increased on Friday. The dollar index, which measures the greenback against six major peers, gained 0.15% on the week after hitting its highest level since June 4 at 97.45. LME aluminium shed 1.13% and SHFE aluminium went up 0.41%. Three-month LME aluminium fell for the second straight day as loaded-up shorts prevented it from exceeding US$1,598 per tonne. It ended the day at US$1,576 per tonne, down 1.13% on the day. As of Friday June 12, LME aluminium cash (bid) price stands at US$ 1560 per tonne, LME official settlement price stands at US$ 1560 per tonne; 3-months bid price stands at US$ 1586.50 per tonne, 3-months offer price is US$ 1586.50 per tonne; Dec 21 bid price stands at US$ 1696 per tonne, and Dec 21 offer price stands at US$ 1696 per tonne. The LME aluminium...
According to the data released by the National Bureau of Statistics, China’s primary aluminium production in May stood at 2.98 million tonnes, which was marginally up by 0.4 per cent from 2.967 million tonnes in April and the highest since December 2019. The launch of new smelting capacity and the incentive of higher prices kept supply levels high, resulting in a boost in production. However, year-on-year, China’s aluminium output last month was down by 0.1 per cent, said the bureau. With the latest production data, China’s aluminium output in the first five months of 2020 came in at 14.81 million tonnes, up 2.1 per cent from the corresponding period last year. China’s aluminium production is still on the upswing even as analysts estimate the country to have imported the most primary...
The A00 aluminium ingot price has recorded a rise of RMB 20 per tonne to stand at RMB 13,820 per tonne on Monday, June 15, following a decline from RMB 13,860 per tonne to RMB 13,800 per tonne on June 12, found Shanghai Metals Market. The hike in A00 aluminium ingot price today could be attributed to the further plunge in primary aluminium inventories by 20,000 tonnes over the weekend ending June 15. The average prices of primary aluminium ingots are expected to range between RMB 13,800 per tonne and RMB 13,840 per tonne, with spot contract to be traded at a discount and premium price of RMB 30-10 per tonne. However, since the growth in A00 aluminium ingot price has not touched upon all the major markets in China, Tianjin and Linyi have witnessed a downfall of RMB 50 per tonne and RMB 20...
Vedanta has cut its aluminium products price after three hikes in a row. With effect from Friday, 12 June 2020, the prices of some aluminium ingots are in the range of INR 137,250-150,250 per tonne, marking a drop of INR 2000 per tonne or 1.44% from INR 139,250-152,250 per tonne on June 11. With the latest cut, Vedanta’ billet now stands at INR 145,250 per tonne, a decrease of INR 2000 per tonne or 1.36% from INR 147,250 per tonne on June 11. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Vedanta Limited cuts its aluminium Cost of Production (CoP) in the fourth...
Hindalco Industries Ltd has reduced its aluminium products price after four hikes in a row. With effect from June 12, Hindalco aluminium ingots price now stands at INR 138,750 per tonne, a drop of 1.42% or INR 2,000 per tonne from INR 140,750 per tonne on June 11. The company is now selling its wire rods and billets at INR 149,850 per tonne and INR 145,850 per tonne with effect from Friday, 12 June 2020, marking a decline of INR 2,000 per tonne each from June 11. The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure...
National Aluminium Company Limited (NALCO) has increased its aluminium products price for second time in a row. With effect from Thursday, 11 June 2020, NALCO's aluminium ingots price stood at INR 141,650 – 145,150 per tonne, registering a hike of INR 4,900 or 3.58 per cent from INR 136,750-140,250 per tonne on June 6. The prices of aluminium billets rose by 3.3 per cent to INR 145,100- 147,750 per tonne on June 11, from INR 140,450-142,850 per tonne on June 6.The aluminium wire rods price came in at INR 146,150-150,500 per tonne. Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 10% so far in 2020 due to slower global demand following the coronavirus...
Hindalco Industries, a subsidiary of the Aditya Birla Group, closed the financial year 2019-20 (FY20) with 31% downturn in its consolidated net profit at INR 3,767 crore as compared to INR 5,495 crore in the preceding fiscal. The consolidated revenue from operation drops by 9% to INR 1.18 lakh crore against INR 1.31 lakh crore in the financial year 2018-19. During the January-March quarter (Q4 FY20), Hindalco posted a steep decline of 43% in its consolidated net profit at INR 668 crore versus INR 1,178 crore in the same phase last year. Hindalco's consolidated revenue from operation reflected fall by 13% to INR 29,318 crore in Q4 FY20 as against INR 33,745 crore in Q4 FY19. The company's EBITDA inclined by 6% to INR 4,173 crore compared to INR 3,938 crore in the year-ago period, helped by...
Aluminium Bahrain B.S.C (Alba), the world’s largest aluminium smelter ex-China, announced that the company has been running its operations at full capacity despite COVID-19. The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa made the announcement during the second quarterly Board of Directors’ meeting held virtually on Wednesday 10 June 2020. Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “As COVID-19 unfolds, we had to adapt quickly -- finding our balance in the new normal. Our production facilities continue at full run rate while new Safety measures were adapted across the plant to ensure that our workforce is safe at all times. I also congratulate everyone, employees and contractors, on topping more than 22 million working-hours without Lost Time...
