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 strengthened on Friday against a basket of other currencies, erasing earlier losses on improved US manufacturing output and services data. LME base metals closed mixed in Friday and aluminium fell 0.2%. The SHFE complex drifted higher and aluminium inched up 0.1%. LME aluminium dropped after two consecutive rises. Three-month LME aluminium slipped to an intraday low of US$1,735.5 per tonne on Friday, before it regained some losses to end down 0.2% at US$1,740 per tonne. LME aluminium today is expected to come under pressure from the firmer greenback, and move between US$1,730-1,745 per tonne. As on November 22, Friday, LME aluminium cash (bid) price stood at US$ 1749.50 per tonne, LME official settlement price stands at US$ 1750 per tonne; 3-months bid price stands at US$...
North America’s primary aluminium production dropped by 2.17% year-on-year to 316,000 tonnes in October 2019. Aluminium output increased by 1.94% from 310,000 tonnes in September but declined by 1.56% from 321,000 tonnes in August. Primary aluminium production in the first ten months of 2019 stood 1.5% higher than the same period last year. Total output came in at 3.174 million tonnes as compared to 3.127 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 totalled 101,000 tonnes in October as compared to 93,000 tonnes in the corresponding period the previous year. This marked an increase of 8.6%...
After increasing aluminium ingots prices for past three consecutive times, National Aluminium Company Limited (Nalco) reportedly cut the ingots prices by over 2 per cent, with effect from Wednesday, November 20, as trade sources told Cogencis. With this, the prices of the company ingots came down to the range of INR 147,950 per tonne to INR 151,450 per tonne. Most aluminium producers link prices of their products to the three-month futures of aluminium on the London Metal Exchange, which are up only 3 per cent on the net basis so far in the current quarter, compared with a 7 per cent gain registered earlier. Aluminium products and alumina account for nearly two-thirds of NALCO's gross topline. Sales of chemicals make up the rest of its revenue. Shares of NALCO on November 21 closed at INR...
Aluminium Bahrain (Alba) chairman Shaikh Daij bin Salman Al Khalifa announced during the opening of Arabal 2019 that its Line 6 Expansion Project would be inaugurated on Sunday, November 24, by His Majesty King Hamad bin Isa Al Khalifa. Chairman said Bahrain would become the home of the world’s largest aluminium smelter outside China with the inauguration of Alba’s Line 6 Expansion, which is one of the biggest brownfield developments in the Middle East region with a capex of approximately $3 billion. He also said the sixth pot line would boost Alba’s per-annum aluminium production by 540,000 tonnes, taking the total production capacity to 1.5 million tonnes in a year. The project was commissioned on December 13 last year, ahead of schedule. Progress has been fast-paced since then and all...
Shanghai Metals Market, on Thursday, November 21, found the social inventories of primary aluminium continued to decline by a larger margin, as stocks in Nanhai and Gongyi fell sharply. Data showed the stocks across eight major consumption areas, including SHFE warrants, decreased by 35,000 tonnes week-on-week and 24,000 tonnes from Monday, November 18 to stand at 799,000 tonnes. On last Thursday, November 14, the primary aluminium inventories had come in at 834,000 tonnes after declining by 19,000 tonnes over the week, while that on November 18 were at 823,000 tonnes after decreasing by 11,000 tonnes from November 14. This indicates that the drop in inventories of primary aluminium expanded on November 21. The chart below shows the current status of the primary aluminium inventories...
The US dollar continued to strengthen on Thursday against a basket of other currencies on rekindling of hope for a US-China trade deal. However, mixed signals on the progress of negotiations limited the greenback’s gains. LME and SHFE base metals closed mixed on Thursday. LME aluminium edged down 0.03% and SHFE aluminium gained 0.2%. Three-month LME aluminium fluctuated to end a tad weaker at US$1,743.5 per tonne on Thursday. Aluminium stocks across LME warehouses continued to grow, standing at 1.17 million tonne as of November 21, which will keep LME aluminium prices in check. The contract is expected to move sideways between US$1,735-1,745 per tonne today. As on November 21, Thursday, LME aluminium cash (bid) price stood at US$ 1752 per tonne, LME official settlement price stands at US$...
Global primary aluminium production totalled 5.392 million tonnes in October, with a year-on-year drop of 1.79%, according to the latest data showed by the International Aluminium Institute (IAI) on Wednesday, 20 November 2019. On a month-on-month comparison, aluminium production inched up by 3.26% from 5.222 million tonnes. Primary aluminium production amounted to 53.039 million tonnes in the first ten months of 2019 as compared to 53.513 million tonnes in the first ten months of 2018. This records a slip of 0.89% year-on-year. In Asia ex-China, aluminium production stood at 375,000 tonnes in October 2019, down 0.53% from 377,000 tonnes in October 2018, but up 3.88% from 361,000 tonnes in September 2019. Output in January-October amounted to 3.675 million tonnes, from 3.673 million...
Building on the success of its first two e-magazines “Aluminium LeaderSpeak 2019” and “Aluminium Industry 4.0: Drivers & Change Makers ”, AlCircle has launched its region focused e-magazine on the topic “Aluminium Middle East: Focus 2020”. In ex-China world, Middle East aluminium sector plays a crucial role as one of the leading producers and suppliers of aluminium. The region has attracted huge investments in their respective countries as part of the regional drive for industrial diversification to the non-oil sector leading to large scale expansions in the existing plants and construction of Greenfield projects in the aluminium sector. Low cost energy, skilled manpower and technological innovations have boosted the growth in last few years and the Middle East smelters now contribute...
Alcoa Corporation, a global leader in bauxite, alumina and aluminum, today announced that it has been accepted as a member of the International Council on Mining and Metals (ICMM), an organization focused on enhancing the industry’s contribution to society with safe, fair and sustainable practices. Alcoa is a recognized leader in sustainability, with certifications from the Aluminium Stewardship Initiative and inclusion in the annual Dow Jones Sustainability Indices, where the Company was recently recognized as the aluminum industry leader. “Our membership in ICMM gives us an opportunity to learn, define and share best-in-class mining practices through a common set of international standards,” said Alcoa President and Chief Executive Officer Roy Harvey. “Alcoa is focused on delivering...
The US dollar edged higher against a basket of other currencies on Wednesday amid increased political tensions between the US and China. Reuters reported Wednesday that “phase one” trade deal between the US and China may not be completed this year, as Beijing insists on the removal of tariffs. LME base metals closed lower on Wednesday but aluminium gained. The SHFE complex also saw mixed performance overnight and aluminium rose 0.8%. Three-month LME aluminium gained 0.4% to reach US$1,744 per tonne on Wednesday. It is unlikely to convincingly break the five-day moving average today, as aluminium stocks across LME-approved warehouses extended their increase to 1.17 million tonne as of November 20. Transactions are expected at US$1,730-1,750 per tonne today. As on November 20, Wednesday,...
During its general assembly in Montreux (Switzerland), industry association European Aluminium introduced three new member companies and stressed the importance of workplace safety by awarding the three winners of its Safety Solutions competition. “Our growing membership sends a strong signal: aluminium companies from different parts of the value chain and across Europe are keen to work together to address issues in key areas such as energy, the circular economy, trade, innovation, and sustainability. Our association represents more than 80% of all smelting, semi-fabrication, and recycling activity in wider Europe, and our strong representation means we can speak with one voice. This is especially important now that we are facing some tough challenges on the trade front,” said Gerd Götz,...
The US dollar stabilised against a basket of other currencies on Tuesday after three consecutive days of losses. The dollar index, which measures the greenback against a basket of its rivals, inched up 0.05% to end at 97.847. LME base metals closed mixed on Tuesday. LME aluminium nudged up 0.03% and SHFE aluminium inched down 0.04%. LME aluminium declined by 0.54 per cent from Monday’s close of US$1744 per tonne to end at US$ 1734.5 per tonne on Tuesday, November 19.Three-month LME aluminium fell to the lowest in more than three weeks at US$1728 per tonne on Tuesday, before it recouped those losses to end marginally higher at US$1737 per tonne. LME aluminium is expected to trade between US$1730-1750 per tonne today. As on November 19, Tuesday, LME aluminium cash (bid) price stood at...
The US dollar extended its decline against a basket of its rivals on Monday. LME base metals closed lower across the board on Monday. LME aluminium fell 1.2% and SHFE aluminium gained 0.4%. LME aluminium opened the week higher at US$1744 per tonne on Monday, November 18.Three-month LME aluminium dropped 1.19% to US$1736.5 per tonne, reversing gains from last Friday. LME aluminium is expected to trade between US$1730-1750 per tonne today. As on November 18, Monday, LME aluminium cash (bid) price stood at US$1743.50 per tonne, LME official settlement price stands at US$ 1744 per tonne; 3-months bid price stands at US$ 1745 per tonne, 3-months offer price is US$ 1746 per tonne; Dec 20 bid price stands at US$ 1813 per tonne, and Dec 20 offer price stands at US$ 1818 per tonne. The LME...
Vedanta Limited in the late last week reported that its revenue in the second quarter of FY20 dropped by 3 per cent year-on-year to INR 21,739 crore. Net sales and EBITDA also dropped by 3 per cent and 15 per cent year-on-year from INR 22,432 crore to INR 21,739 crore and from INR 5,281 crore to INR 4,497 crore, respectively. Quarter-on-quarter, EBITDA dropped by 13 per cent from INR 5,188 crore, but net sales grew 3 per cent from INR 21,167 crore. This brought the total net sales and EBITDA in the first half of the financial year to INR 42,906 crore and INR 9,685 crore, respectively; down year on year by 3.30 per cent from INR 44,374 crore and 17.42 per cent from INR 11,729 crore. Basic earnings per share, however, rose both quarter-on-quarter and year-on-year by 60 per cent and 61 per...
As the aluminium prices on the London Metal Exchange (LME) entered the bearish zone, Vedanta Limited reduced the cost of its production (CoP) during the September quarter of FY20 to $1,852 per tonne. The LME prices (as on November 14) hovered at $1,756 per tonne for the cash buyer. At this price point, 10 per cent of the global aluminium smelters are incurring cash losses. Vedanta’s aluminium CoP during the first half (April-September) of FY20 was even lower at $1,810 per tonne, down 9 per cent from $1,990 in the corresponding period last year. Vedanta’s near term target is to reduce aluminium CoP to $1,500 per tonne. Earlier, Vedanta had planned to cut its CoP to $1,700 per tonne by the end of this financial year. Ajay Dixit, chief executive officer (CEO) of Vedanta’s aluminium and power...
The social inventories of primary aluminium have extended decline over the weekend, as stocks in Nanhai continued to fall, according to Shanghai Metals Market. SMM data showed the stocks across eight major consumption areas, including SHFE warrants, decreased by 11,000 tonnes from 834,000 tonnes on last Thursday , November 14, to stand at 823,000 tonnes on Monday, November 18. Week-on-week, the stocks have inched down by 27,000 tonnes from 850,000 tonnes on last Monday, November 11. The chart below indicates the current status of primary aluminium inventories across Chinese markets in more details: So, as can be seen in the above chart, the inventories in Shanghai and Nanhai have declined by 3,000 tonnes and 10,000 tonnes respectively to come in 141,000 tonnes and 253,000 tonnes...
The US dollar eased to a one-week low against a basket its rivals on Friday. The US dollar index fell to 97.96, the lowest since November 7, before it ended down 0.19% at 97.987. LME aluminium gained 0.6% and SHFE aluminium shed 0.3%. LME aluminium declined by 0.85 per cent from Thursday’s close of US$1756 per tonne to end at US$1741 per tonne on Friday, November 15. Three-month LME aluminium on Friday rebounded from a two-week low of US$1733 per tonne to close at an intraday high of US$1757.5 per tonne, up 0.6% on the day. LME aluminium is expected to trade between US$1745-1765 per tonne today. As on November 15, Friday, LME aluminium cash (bid) price stood at US$1740 per tonne, LME official settlement price stands at US$ 1741 per tonne; 3-months bid price stands at US$ 1743 per tonne,...
The US dollar fell on Thursday. The dollar index, which tracks the greenback against a basket of other currencies, dipped 0.15% and ended at 98.17. LME base metals and the SHFE complex, except for tin, closed lower overnight. LME aluminium fell 1.05% and SHFE aluminium dipped 0.11%. LME aluminium closed 0.68% lower at US$ 1756 per tonne on Thursday. Three-month LME aluminium fell to the lowest this month at US$1,742.5 per tonne on reports that LME aluminium inventories increased over 75,000 tonnes to the highest since August 2, at 1.02 million tonnes. LME aluminium is likely to trade within US$1747-1,770 per tonne today. As on November 14, Thursday, LME aluminium cash (bid) price stood at US$1755.50 per tonne, LME official settlement price stands at US$ 1756 per tonne; 3-months bid price...
