SHFE aluminium closed at RMB 24,230 per tonne, edging up 0.02 per cent. The price was capped by MA5 (24,259) but remained above MA10 (24,207) and MA30 (24,088), with the mid-term bullish structure intact. On the MACD indicator, DIF stood at 92.18 and DEA at 118.60, forming a death cross above the zero axis, with the green bars expanding to -52.85, indicating strengthening bearish momentum. Trading volume expanded to 76,000 lots, reflecting widening bull-bear divergence. The core trading range for SHFE aluminium is suggested at 24,000-24,600. LME aluminium closed at USD 3,248.5 per tonne, edging down 0.05 per cent. The price broke below MA5 (3,264.1), MA10 (3,261.37), and MA30 (3,262.88), with short-term moving averages exerting pressure, though MA60 (3,227) still provided support. On the...
LME aluminium prices softened across key contracts on September 23 compared with the previous session, while opening stocks remained broadly stable. The sharpest movement was recorded in cancelled warrants, which declined by more than 20 per cent. The LME aluminium cash bid price stood at USD 3,239.5 per tonne on September 23, down from USD 3,240 per tonne on September 22, a decline of 0.02 per cent. The cash offer price fell to USD 3,240 per tonne from USD 3,242 per tonne, down 0.06 per cent. For the three-month contract, the bid price declined to USD 3,258 per tonne from USD 3,263.5 per tonne, marking a 0.17 per cent decrease. The offer price fell to USD 3,260 per tonne from USD 3,264 per tonne, down 0.12 per cent. The December 2027 aluminium bid price stood at USD 3,180 per tonne,...
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The US dollar weakened last Friday as optimism about the outlook for a US-China trade deal lifted risk appetite of investors. The dollar index, which tracks the greenback against a basket of other currencies, fell 0.7% and finished at 97.01. LME base metals increased after a two-day closure for the Christmas holiday. LME aluminium gained 0.25% and SHFE aluminium grew 0.57%. Lower inventories continued to buoy three-month LME aluminium, which extended a price rally and closed up 0.25% at US$1,823.5 per tonne last Friday night. LME aluminium is likely to trade at US$1,800-1,840 per tonne. As on December 27, Friday, LME aluminium cash (bid) price stood at US$ 1788 per tonne, LME official settlement price stands at US$ 1789 per tonne; 3-months bid price stands at US$ 1814.5 per tonne,...
After two consecutive downfalls on 26 th and 27 th of December from RMB 14,580 per tonne to RMB 14,430 per tonne, the A00 aluminium ingot price has recorded a growth today, on December 30, of RMB 80 per tonne to stand at RMB 14,510 per tonne, found Shanghai Metals Market. The average prices are expected to range between RMB 14,490 per tonne and RMB 14,530 per tonne, with spot contract to be traded at a premium price of RMB 160-200 per tonne. Foshan has seen the highest growth in the price of RMB 90 per tonne to stand at RMB 14,810 per tonne, followed by Shenyang, where the price has increased by RMB 85 per tonne to RMB 14,500 per tonne. In Wuxi, Hangzhou, and Linyi, the A00 aluminium ingot price has climbed up by RMB 60 per tonne to RMB 14,480 per tonne, 14,490 per tonne, and RMB 14,510...
According to a recent report, premiums for aluminium shipments to Japan for the first quarter of 2020 have been set at $83 per tonne, down 14 per cent from the fourth quarter of 2019 amid weaker aluminium demand from the electronics and auto sector. This marks the second consecutive quarterly drop. During October-December quarter, the premiums for aluminium shipments to Japan were $97 per tonne. The premiums for Q1 2020 are lower than the initial offers of $92 per tonne made by producers. The negotiations for the pricing began in November between Japanese buyers and global producers, including Rio Tinto and South32 Limited. Japan is Asia’s biggest importer of the light metal and the premiums PREM-ALUM-JP for primary metal shipments. The premiums it agrees to pay each quarter over the...
The Indian state-owned aluminium giant Nalco is planning to re-evaluate its expansions plans, as per the words of Chairman and MD Sridhar Patra which came on 27 th December’19. He upfront refused to provide details as the planning has to be placed before the board for further approval. On the sidelines of a mining summit organized by CII, Patra said “We are revisiting our expansion plans. Whatever long-term plans you make, you cannot project for 10 to 15 years, because all the factors do not support in that manner.” He also added to his words “We have to re-modify. Whatever bottlenecks were there, we have removed almost all.” In 2018, the company declared that it would invest over INR 30,000 crore over four years to afloat several fresh projects and commence major expansion programs. The...
The board of directors of Yunnan Aluminium on 26 th December’19 has collectively declared the consent of building a 210,000 tonnes/year second phase in its aluminium smelting project at Heqing county, Yunnan province of southwest China. It is the same company that commissioned the phase one of the identical capacities earlier this year, commented during filing at the Shenzhen Stock Exchange, and also declared they would be investing RMB 1.3 billion ($155.8 million) in this project. The Chinese state-owned Chinalco, which governs Yunnan Aluminium, presently, has an aluminium production capacity of 2.1 million tonnes and generally, hydropower has been in usage for the energy-intensive smelting process. The company projected an annual net profit of RMB 96.2 million though they did not convey...
Two major Indian aluminium producers Vedanta and Hindalco have raised their ingot prices in the domestic market. Vedanta has increased the prices of aluminium ingots by more than 1% with effect from December 25. The price for Vedanta aluminium now stands at INR 143,750-156,750 per tonne. This is the second time in a row that the company has raised the prices of its products. The Indian producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. So far this quarter, the three-month futures of aluminium are up more than 5% on the London Metal Exchange. Similarly, Hindalco Industries Ltd has raised the prices of its aluminium ingots, billets and wire rods by more than 1% with effect from December 25. The price for Hindalco aluminium now...
The US dollar edged lower for the third straight session on Thursday, but it rose to a nearly two-week high against the Japanese yen. The LME was closed on Thursday for Christmas and hence no trading took place in the exchange. LME aluminium closed the trading on 24th December at US$ US$ 1790.50 per tonne. SHFE Aluminium Price Trend Benchmark aluminium price for SHFE (Shanghai Future Exchange) declined to US$ 2036 per tonne on Friday, 27 December 2019. SHFE aluminium plunged to the lowest in a week on Thursday, as bears flocked in after data showed that the downtrend in inventories decelerated significantly this week, SMM reported. The most traded SHFE 2002 contract shed 1.26% to end the day at RMB14,055 per tonne. The most-traded SHFE 2002 contract consolidated in a tight band overnight...
According to a report on Thursday, December25, China’s Henan Shenhuo Group will start the production at its aluminium smelting project in the Wenshan prefecture of Yunnan province, with initial capacity 150,000 tonnes per year. Wenshan, having abundant hydropower resources for the energy-intensive smelting process, is emerging as a major hub of China’s aluminium industry, with top producers China Hongqiao Group 1378.HK and state-owned Chinalco building projects there. A spokesman for Henan Shenhuo Coal and Power confirmed that the project would start on December 31 and it would take around one month for the first production to come out. By March, the plant is expected to reach the full 150,000 tonnes of annual production, added an official. Shenhuo has a plan to move 900,000 tonnes of...
According to Shanghai Metals Market, the social inventories of primary aluminium in China continued to decline this week. The stocks across eight consumption areas, including SHFE warrants, came in at 592,000 tonnes after decreasing by 12,000 tonnes over the week, as of Thursday, December 26. Last Thursday, December 19, the inventories had declined by 44,000 tonnes to 604,000 tonnes. The chart below indicates the current status of primary aluminium inventories across Chinese major markets in more details: In Wuxi, Shanghai, Nanhai, Hangzhou, and Chongqing, the inventories have dropped by 2,000 tonnes, 7,000 tonnes, 5,000 tonnes, 2,000 tonnes, and 4,000 tonnes respectively. So, as of December 26, the inventories there have come in at 191,000 tonnes, 112,000 tonnes, 126,000 tonnes, 52,000...
A00 aluminium ingot price registered a drop of RMB 70 per tonne on Thursday, 26 December 2019 after two back-to-back increases on December 24 and December 25. The price increased by 0.48 per cent to RMB 14510 per tonne. The price is expected to move within a range of RMB 14490-14530 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 160-200 per tonne. Aluminium ingot price in Foshan and Linyi rose by RMB 40 per tonne and RMB 20 per tonne to stand at RMB 14740 per tonne and RMB 14510 per tonne. Their average prices are likely to range at RMB 14720-14760 per tonne and RMB 14500-14520 per tonne. Aluminium ingot prices in Wuxi and Hangzhou reduced by RMB 70 per tonne and RMB 75 per tonne to stand at RMB 14540 per tonne and RMB 14510 per tonne. Their average price is...
The US dollar declined amid light holiday trading on Wednesday. The dollar index, which tracks the greenback against a basket of other currencies, lost 0.07% and finished at 97.63. SHFE base metals mostly increased while there was no trading on the LME. SHFE aluminium fell 0.42%. The London Metal Exchange was closed on December 25 for the Christmas holiday. As on December 24, Tuesday, LME aluminium cash (bid) price stood at US$ 1790 per tonne, LME official settlement price stands at US$ 1790.50 per tonne; 3-months bid price stands at US$ 1814 per tonne, 3-months offer price is US$ 1816 per tonne; Dec 20 bid price stands at US$ 1868 per tonne, and Dec 20 offer price stands at US$ 1873 per tonne. The LME aluminium opening stock decreased to 1484525 tonnes. Live Warrants totalled at 928050...
The US dollar edged higher in holiday-thinned trading on Tuesday. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.03% and finished at 97.69. LME base metals closed mixed while the SHFE complex mostly increased. LME aluminium added 0.64%and SHFE aluminium climbed 0.25%. Three-month LME aluminium continued to move rangebound and gained 0.64% on the day to finish at US$1,819 per tonne. As on December 24, Tuesday, LME aluminium cash (bid) price stood at US$ 1790 per tonne, LME official settlement price stands at US$ 1790.50 per tonne; 3-months bid price stands at US$ 1814 per tonne, 3-months offer price is US$ 1816 per tonne; Dec 20 bid price stands at US$ 1868 per tonne, and Dec 20 offer price stands at US$ 1873 per tonne. The LME aluminium opening...
On the day of Merry Christmas, the A00 aluminium ingot price in China has been found extending its growth by RMB 100 per tonne to stand at RMB 14,580 per tonne, found Shanghai Metals Market. This marks the second consecutive rise after a slight fall on December 23, from RMB 14,450 per tonne to RMB 14,440 per tonne. The average prices today are expected to range between RMB 14,560 per tonne and RMB 14,600 per tonne, with spot contract to be traded at a premium price of RMB 130-170 per tonne. Among the major cities, Foshan has seen a phenomenal growth of RMB 210 per tonne to RMB 14,700 per tonne, followed by Chongqing and Shenyang, where the price has increased by RMB 140 per tonne to RMB 14,620 per tonne and RMB 14,535 per tonne, respectively. While in Gongyi, Linyi, and Wuxi, the ingot...
North America’s primary aluminium production dropped by 2.2% year-on-year and 1.58% month-on-month to 311,000 tonnes in November 2019. The output in the first eleven months of 2019 stood 1.16% higher than the same period last year. Aluminium production totalled 3.485 million tonnes, from 3.445 million tonnes, according to the latest data showed by the International Aluminium Institute (IAI). Aluminium production in North America came in at 3.774 million tonnes in 2018, IAI data showed. South America’s primary aluminium production increased by 6.74% year-on-year to 95,000 tonnes in November. On a month-on-month comparison, the output dropped by 5.94% from 101,000 tonnes in October. Primary aluminium production declined from 1.072 million tonnes in January-November 2018 to 983,000 tonnes in...
After two consecutive cuts, Hindalco Industries Limited has reportedly increased the prices of aluminium ingots, billets and wire rods, with effect from Friday, December 20. From INR 141,500 per tonne, the company's aluminium ingots price has been increased by 1.23 per cent to INR 143,250 per tonne. The prices of aluminium billets and wire rods, on the other hand, have been grown by 1.18 per cent and 1.15 per cent to INR 149,850 per tonne and INR 153,850 per tonne, respectively. As of December 11, the company’s aluminium billets price was INR 148,100 per tonne, while that of wire rods INR 152,100 per tonne. So, the prices of each product have grown by over 1 per cent on December 20. Hindalco generally links the prices of its products with those in international markets. The three-month...
Aluminium Bahrain (Alba) achieved historical milestone of 15 million working-hours without Lost Time Injury (LTI) on Saturday 21 December 2019 since operations began in 1971. Alba’s Chairman of the Board of Directors Shaikh Daij bin Salman bin Daij Al Khalifa stated: “2019 has been a significant year for Alba in many ways and we are proud to have amassed accolades as we bring this year to a close. We thank our employees and contractors without whom this milestone would not have been possible. We look forward to unfolding a new era in 2020 as Alba becomes a 1.5 million metric tonnes smelter with Line 6 fully on stream.” Alba’s Acting Chief Executive Officer, Ali Al Baqali said that the company will remain focussed on Safety first and foremost, Employee Development, Community Development...
The US dollar stood near two-week highs on Monday after positive US economic data was released Friday. The dollar index, which tracks the greenback against a basket of other currencies, eased 0.02% and finished at 97.66. LME base metals mostly fell while the SHFE complex traded on a mixed note. LME aluminium rose 0.36% and SHFE aluminium gained 0.07%. LME aluminium increased by 0.06 per cent from Friday’s close of US$1770.5 per tonne to end at US$ 1771.5 per tonne on Monday, December 23. As on December 23, Monday, LME aluminium cash (bid) price stood at US$ 1771 per tonne, LME official settlement price stands at US$ 1771.50 per tonne; 3-months bid price stands at US$ 1797 per tonne, 3-months offer price is US$ 1802 per tonne; Dec 20 bid price stands at US$ 1855 per tonne, and Dec 20 offer...
Global primary aluminium production stood at 5.193 million tonnes in November, with a year-on-year drop of 2.52%, according to the latest data showed by the International Aluminium Institute (IAI) on Friday, 20 December 2019. On a month-on-month comparison, aluminium production declined by 2.92% from 5.349 million tonnes. Aluminium production totalled 58.189 million tonnes in the first eleven months of 2019, slightly down by 1.11% from 58.840 million tonnes in the first eleven months of 2018. In Asia ex-China, aluminium production declined by 0.55% year-on-year and 2.97% month-on-month to 359,000 tonnes in November. Output in January-November amounted to 4 million tonnes, unchanged from January-November 2018’s production. In the Middle East, primary aluminium production stood at 481,000...
