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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A00 aluminium ingot price stood at RMB 14000 per tonne on Wednesday, 30 October 2019, up RMB 60 per tonne or 0.43 per cent from Tuesday, after a drop of RMB 60 per tonne yesterday. The price is expected to move within a range of RMB 13980-14020 per tonne. Graph Source: Shanghai Metals Market Foshan witnessed the highest growth in aluminium ingot price today. The price in Foshan stood at RMB 13900 per tonne, up by RMB 60 per tonne from its previous price. The average price is likely to range at RMB 13880-13920 per tonne. In Wuxi and Hangzhou, aluminium ingot price climbed by RMB 50 per tonne and RMB 40 per tonne to stand at RMB 14000 per tonne and RMB 13990 per tonne. Their average prices are expected to range within RMB 13990-14010 per tonne and RMB 13980-14000 per tonne. Chongqing...
The US dollar weakened as expectations that the Federal Reserve will cut rates was offset by a potential delay in a US-China trade deal. LME base metals rose across the board while the SHFE complex mostly fell. LME aluminium increased 0.84%, and SHFE aluminium shed 0.29%. Three-month LME aluminium closed higher for the third straight session, as loaded-up longs drove it up 0.84% to end at US$1,751per tonne. There will be limited upside movement on the backdrop of weak overseas demand for aluminium. Three months LME aluminium is likely to trade between US$1,720-1,760 per tonne. As on October 29, Tuesday, LME aluminium cash (bid) price stood at US$ 1737 per tonne, LME official settlement price stands at US$ 1737.50 per tonne; 3-months bid price stands at US$ 1741per tonne, 3-months offer...
Aluminium Bahrain B.S.C. (Alba), host of the 23rd Arab International Aluminium Conference (ARABAL 2019) being held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa the Prime Minister of the Kingdom of Bahrain, announced today 28 October 2019 Gulf Air as the Official Airline Partner for ARABAL 2019. Commenting on this occasion, Alba’s Acting Chief Executive Officer, Ali Al Baqali said: “We are pleased to welcome Gulf Air - the national carrier of the Kingdom of Bahrain - as the Official Airline Partner of ARABAL 2019. As two of Bahrain’s national companies, we are proud to come together to raise Bahrain higher at this international platform.” Gulf Air Chief Executive Officer, Krešimir Kučko added: “It is our pleasure to partner once again with Alba for the...
As the focus on environment is growing urging manufacturers for using sustainably sourced materials, aluminium industry is actually heading towards an exclusive premium market for clean and green aluminium. Though lightweighting and easy recyclability make aluminium a more thoughtful choice, its energy intensive production offsets its green credentials. Globally, aluminium production contributes 4% of emissions and the major part of aluminium is produced with coal powered energy. A few aluminium producers like Rusal, Norsk Hydro and Rio Tinto operate most or all of their smelters using hydropower, dramatically reducing the impact on the environment. Rio has already signed supply deals with Nespresso and Apple Inc. for its sustainable aluminium. Commodity trader Trafigura Group has set up...
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 859,000 tonnes as of Monday October 28, down by 23,000 tonnes from Thursday, as consumption remained robust. The current status of primary aluminium inventories across China is given in the chart below: A00 aluminium ingot price on Tuesday registered a drop of RMB 60 per tonne from Monday’s price of RMB 14000 per tonne. On October 29, the price came in at RMB 13940 per tonne and expected to move within a range of RMB 13920-13960 tonne. Graph Source: Shanghai Metals Market Aluminium ingot prices in Foshan, Wuxi and Hangzhou stood at RMB 13840 per tonne, RMB 13950 per tonne, and RMB 13950 per tonne on Tuesday, October 29, down RMB 70 per...
The US dollar eased on Monday as growing hopes for a US-China trade deal improved risk sentiment and sapped demand for the safe-haven greenback. The dollar index fell 0.07% and ended at 97.74. LME base metals mostly increased with the SHFE complex trading mixed. LME aluminium rose 0.14% and SHFE aluminium increased 0.14%. LME aluminium opened the week higher on Monday. Three-month LME aluminium gained for the second straight session with a high of US$1740 per tonne, ending up 0.14% at US$1,736 per tonne on Monday night as longs added their position. Three months aluminium is likely to trade within US$1,720-1,750 per tonne today. As on October 28, Monday, LME aluminium cash (bid) price stood at US$ 1726 per tonne, LME official settlement price stands at US$ 1727 per tonne; 3-months bid...
Rusal, one of the leading global aluminium producers, has signed a new five-year sustainability-linked pre-export finance facility for USD 1,085,000,000. The financed amount is increased from the initially announced USD 750 million because of Rusal’s commitment to low-carbon aluminium technologies and green aluminium production. This finance facility is the first ever sustainability-linked syndicated facility arranged by international and domestic commercial banks in Russia. The interest rate is linked to a sustainability discount or premium determined by the company’s fulfilment of the sustainability key performance indicators (KPI). Sustainability KPIs are related to the environmental impact of Rusal’s operations and its sustainable developments. It also covers the growth targets of the...
Alba has released financial results for Q3 2019 and nine months of 2019. The leading aluminium producer’s performance was impacted by lower LME price and premiums in the quarter, which was partially offset by higher sales volume. The company reported a profit and total comprehensive income of BD10.7 million (US$28.5 million) in Q3 2019 compared with BD14.3 million (US$38.1 million) for Q3 2018, down by 25% YoY. The company posted a gross profit of BD29.2 million (US$77.6 million) compared with BD19.0 million (US$50.6 million) in Q3 2018, up by 53% YoY. Alba reported revenue of BD287.1million (US$763.6 million) in Q3 2019, up by 22% YoY, compared with BD234.5 million (US$623.8 million) in Q3 2018. Alba reported a total comprehensive loss of BD8.4 million (US$22.4 million) in nine months of...
The US dollar and bond yields rose on Friday as the United States said it was close to finalizing parts of a trade deal with China. The dollar index, which tracks the greenback against a basket of other currencies, was up 0.62% for the week with a rise of 0.17% last Friday, ending at 97.83. LME base metals closed mixed while the SHFE complex traded higher across the board. LME aluminium gained 0.99% and SHFE aluminium grew 0.25%. LME aluminium closed the day lower on last Friday but gained during night trading. Three-month LME aluminium outperformed most of the other base metals as it closed at the highest level last Friday night at US$1,734 per tonne, up 0.99% on the day. LME aluminium is likely to trade at US$1,705-1,740 per tonne. As on October 25, Friday, LME aluminium cash (bid)...
According to Shanghai Metals Market, the A00 aluminium ingot price has recorded a growth of RMB 10 per tonne to stand at RMB 14,000 per tonne. This marks the fourth consecutive rise, but the price still stands lower by RMB 30 per tonne, compared with RMB 14,030 per tonne during the same period last month. The average prices are expected to range between RMB 13,980 per tonne and RMB 14,020 per tonne, with spot contract to be traded at a premium price of RMB 80-120 per tonne. However, the price rise today has not touched upon all the major markets in China, such as Foshan, Chongqing, Shenyang, Linyi, and Gongyi, where the price has witnessed falls or remained restrained. For instance, in Foshan, the ingot price has slipped by RMB 20 per tonne to RMB 13,910 per tonne, while that in Chongqing...
After successful launch of its first two e-magazines -“Aluminium LeaderSpeak 2019” and “Aluminium Industry 4.0: Drivers & Change Makers” , AlCircle team is now gearing up to bring up to you a region focus theme e-magazine on the topic “Aluminium Middle East: Focus 2020 ”. Middle East aluminium industry is on a steady growth trajectory. Using an optimal combination of low cost energy, skilled manpower and technological innovations, the countries in the Gulf region have been expanding rapidly in the aluminium sector in ex-China world. Gulf countries are constantly working towards making a shift towards non-oil sector especially the aluminium industry. The region has attracted huge investments in their respective countries as part of the regional drive for industrial diversification leading...
United Company Rusal has reportedly announced its third-quarter result, which reveals only a small quarterly rise in aluminium sales, pressured by a weak metal market. Compared to the second quarter 2019, Rusal’s aluminium sales in the third quarter ended on September 30 increased by 0.8 per cent to amount to 1,091 thousand tonnes, while the production totalled at 942 thousand tonnes, up 0.4 per cent quarter-on-quarter. In Q2 2019, the sales were at 1,082 thousand tonnes and the production at 938 thousand tonnes. Rusal’s total sales of aluminium in the first nine months of the year clocked at 3,069 thousand tonnes, up 9.8 per cent from 2,794 thousand tonnes in the same period last year. But the production in the nine months remained flat at 2,809 thousand tonnes, compared with 2,810...
The US dollar rose against the British pound and the euro, on the back of better-than-expected US manufacturing sector data. The dollar index, which tracks the greenback against a basket of other currencies, climbed 0.2% and ended at 97.66. LME base metals most increased with the SHFE complex trading higher across the board. LME aluminium lost 0.55% and SHFE aluminium rose 0.25%. While LME base metals ended mostly higher overnight, three-month LME aluminium slipped as downward pressure piled up after prices hovered rangebound for nearly two weeks. It closed down 0.55% at US$1,717 per tonne, losing all the gains from the prior session. Three months LME aluminium is likely to trade at US$1,710-1,740 per tonne. As on October 24, Thursday, LME aluminium cash (bid) price stood at US$ 1713 per...
Followed by the rise in the last two days, the A00 aluminium ingot price today, on October 25, has decided to end the week with restraint, as found by Shanghai Metals Market. The price has continued to remain at RMB 13,990 per tonne, with average expected prices to range between RMB 13,970 per tonne and RMB 14,010 per tonne. The spot contract is likely to be traded at a premium price of RMB 80-120 per tonne, according to SMM data. However, in many cities in China, the ingot price has recorded a drop. For instance, in Wuxi, Shenyang, Foshan, and Tianjin, the ingot price has inched down by RMB 15 per tonne and RMB 10 per tonne to stand at RMB 13,985 per tonne, RMB 13,945 per tonne, RMB 13,930 per tonne, and RMB 13,960 per tonne, respectively. In Hangzhou, Chongqing, and Gongyi, the price...
Qatar Aluminium Manufacturing Company (QAMCO), a 50% shareholder in Qatalum, reported a net profit of QR 60.6 million for the ten-month period ended 30 September 2019. The earnings per share (EPS) stood at QR 0.011. QAMCO’s share of total assets in the JV stood at QR 7.8 billion, with its share of cash and bank balances amounted to QR 280.3 million. EBITDA came in QR 543.1 million in the 10-month period, despite challenging macro-economic conditions and a highly volatile environment for global aluminium prices. Mr. Abdulrahman Ahmad Al-Shaibi, Chairman of the Board of Directors, QAMCO, said: “The broader macro-economic environment remains volatile but the Company yet again demonstrated its ability to deliver continued performance. The management has been instrumental in rolling out a...
Senior leaders from the aluminium associations of Canada, Europe and the United States gathered at the Organization for Economic Cooperation and Development’s (OECD) Global Trade Forum in Paris, France and urged the governments for taking concrete steps toward rules-based trade. They requested for reforms in government policies to do away with practices that distort the global aluminium market. In a joint statement, Jean Simard, President & CEO of the Aluminium Association of Canada; Gerd Götz, Director General of European Aluminium; and Ryan Olsen, Vice President, Business Information and Statistics for the Aluminum Association said: “Given the extent and duration of the harm suffered by the aluminium industry, we are calling for swift, focused and decisive action on market-distorting...
The US dollar fell against the British pound and the euro after European Union leaders delayed a decision on whether to grant Britain a three-month Brexit extension. LME base metals closed higher overnight, with the SHFE complex trading mixed. LME aluminium gained 0.44%, while SHFE aluminium rose 0.25%. Three-month LME aluminium climbed during the European trading hours, but a buildup of bearish positions prevented it from exceeding US$1,733.5 per tonne, and ended it 0.44% higher on the day at US$1,726.5 per tonne. LME aluminium is likely to trade at US$1,710-1,750 per tonne today. As on October 23, Wednesday, LME aluminium cash (bid) price stood at US$ 1711.50 per tonne, LME official settlement price stands at US$ 1712 per tonne; 3-months bid price stands at US$ 1719.50 per tonne,...
Social inventories of primary aluminium have further extended decline this week, marking the second consecutive week-on-week fall, found Shanghai Metals Market. Data shows the stocks across eight major consumption areas in China, including SHFE warrants, decreased by 34,000 tonnes from a week ago to stand at 882,000 tonnes, as of Thursday, October 24. The below chart indicates the current status of primary aluminium inventories across China in more details: October 10 was the last day when the social inventories of primary aluminium had increased in China by 8,000 tonnes on greater cargo arrival. Post that, the inventories started recording incessant drops. On last Thursday, October 17, they declined by 61,000 tonnes to come in at 916,000 tonnes. This shows the decline was higher last...
