LME aluminium prices eased on September 28 after rising in the previous session, with cash and forward contracts moving lower. The Asian Reference Price also declined, while a sharp rise in cancelled warrants pushed live warrants lower. The cash bid slipped 0.15 per cent to USD 3,248 per tonne from USD 3,253 per tonne , while the cash offer fell 0.17 per cent to USD 3,248.50 per tonne from USD 3,254 per tonne. Three-month aluminium prices followed the weaker trend. The bid dropped 0.41 per cent to USD 3,251.50 per tonne from USD 3,265 per tonne, while the offer was down 0.46 per cent to USD 3,252 per tonne compared with USD 3,267 per tonne. Explore the production, demand and consumption forecasts of bauxite and alumina in our report: " Global Bauxite & Alumina Market Forecast to 2036:...
Futures: The most-traded SHFE aluminium contract opened at RMB 24,000 per tonne in the night session on September 28, reached a high of RMB 24,055 per tonne and a low of RMB 23,950 per tonne, and closed at RMB 24,000 per tonne, up RMB 50 per tonne or 0.21 per cent from the previous close. Futures stabilised after a sharp decline, with prices falling below the 5/10/20/40/60 moving averages across all timeframes, turning these averages from support into resistance. Trading volume during the session was 53,872 lots, with open interest at 271,000 lots, down 3,240 lots, driven mainly by bear position reductions. On the technical front, the 4-hour MACD death cross continued, with DIFF trading well below DEA and green bars expanding significantly, indicating strong short-term bearish momentum....
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SHFE 1609 aluminium almost lost support at the 5-day moving average as shorts took the upper hand. The contract should move at RMB 12,300-12,500/mt today, hovering around the 5-day and 10-day moving averages. LME aluminium has found strong support and will move at USD 1,640-1,660/mt. In China’s spot aluminium market, spot premiums of RMB 20-60/mt are expected over SHFE 1607 aluminium contract.
Japanese aluminium buyers have agreed to pay producers a premium of $90 to $93 per tonne for metal imported in the July-September quarter, six sources directly involved in the quarterly pricing talks said. The deals, which mark a 19 to 23 percent fall from premiums of $115 to 117 per tonne (PREM-ALUM-JP) in the previous quarter, are the first decline since the October-December quarter of 2015, and are in line with a slide in overseas surcharges for physical aluminium. Japan is Asia's biggest importer of aluminium and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.
The government of Shandong, among China’s top three aluminium producing regions, recently released a document that will offer financial support to real economy. According to the document, financial institutions are encouraged to offer timely and strong support to technical upgrade projects in traditional industries, including aluminium, steel, cement, etc. Besides, financial institutions are also guided to adopt various measures such as relending, extended loans and asset swap to help companies in traditional industries that have strong orders, famous brand, good profit, who face temporary cash tightness. Aluminium capacity in Shandong takes up 22.5 per cent of China’s total capacity. The latest move will help local aluminium smelters by reducing their financing costs and difficulties,...
The Ministry of Mines, India, is expected to consider pushing for a hike in the customs duty on primary aluminium products to provide relief to an industry suffering from low prices and underutilised manufacturing capacity. "We have asked the industry to make a representation to push their case before we take up the matter with the concerned departments of the government. The aluminium manufacturers are expected to meet me within a week," said Balvinder Kumar, Secretary, Ministry of Mines on the sidelines of the National Conclave on Mines & Minerals in Raipur, Chhattisgarh. In Budget 2016-17, the government had raised customs duty on primary aluminium products to 7.5 per cent from 5 per cent earlier. However, the industry-wide capacity utilisation remains low at around 50 per cent. Prices...
Vedanta Limited, a globally diversified natural resources company, has been ranked as India's leading publicly listed company in the India Disclosure Index 2016 report by FTI Consulting. Vedanta achieved full scores on all parameters that were studied across the Mandatory Disclosure, Voluntary Disclosure and Composite Disclosure categories, making it the leader of India's top 200 companies. Vedanta is the only company in the natural resources sector to achieve the highest possible score across all parameters. Vedanta stands among 8 leading BSE 100 companies that attained the maximum composite disclosure score of 10. The results are testament to Vedanta's commitment to transparency and adherence to global best practice in corporate governance. Mr. Tom Albanese, CEO, Vedanta, commented:...
SMM surveyed 37 Chinese aluminium smelters about their opinions over aluminium price outlook. About 36 per cent of them expect SHFE 1609 aluminium to hold firm above RMB 12,600/mt and LME aluminium return above USD 1,665/mt, citing several factors. First, Chinese yuan’s big depreciation following Brexit vote allowed domestic metals to rise significantly, with nickel and silver once hitting daily upside limits. Bullish sentiment will allow SHFE aluminium to rise further. Second, manufacturing PMIs for June from the UK, Germany and France were positive. Third, worker strike threat in Norway and crisis in Venezuela will favour crude oil prices. Fourth, the US dollar index will face further downward corrections. Another 36 per cent expect SHFE 1609 aluminium to fluctuate at RMB...
Aluminium Bahrain B.S.C. (Alba), the leading global Aluminium producer, with an award-winning record in maintaining the best safety standards, finished the first half of 2016 by attaining its 4 Million Plant-wide Hours without Lost Time Injuries (LTIs) on Wednesday, June 29th 2016. This achievement comes in line with “Ramadan Safety Challenge” and in line with the CEO's expectations for 2016 where departments are tasked with the objective of completing the holy month of Ramadan without any cases of Lost Time Injuries (LTIs), Heat Stress related-injuries or accidents while meeting the production targets. Many awareness sessions and safety visits were conducted by Alba Management team in the presence of Alba Labour Union and Alba Trade Union members with special emphasis on healthy eating...
China Aluminum International Trading Co. (Chalco Trading) cut aluminium prices in major markets markedly today after three consecutive days of hike, it said on its WeChat. Unit: yuan/tonne Note: Chalco Trading is a full subsidiary under Chalco responsible for alumina and aluminium sales.
Market will eye US May durable goods orders today. Crude oil prices will meet pressure from recovering supply. LME aluminium will test support at the 5-day moving average and move at USD 1,635-1,655/mt. SHFE 1609 aluminium will move at RMB 12,300-12,500/mt on Monday. In China’s spot aluminium market, spot premiums of RMB 60-100/mt are expected over SHFE 1607 aluminium contract. Key Macroeconomic Indicators for Base Metal Prices Eurozone retail sales and US factory and durable goods orders in May will be released today. Base metals should diverge today. Should Caixin’s service PMI in May weaken, market expectations that Chinese economy will slide further will grow, and will in turn weigh down base metals. Eurozone retail sales in May will likely improve, as Germany’s monthly and annualized...
Goa Carbon has reported production of 15,059.100 MT (million tonnes) of Calcined Petroleum Coke for the month of June 2016. Of the total production achieved for the month, Bilaspur plant produced 1,834.000 MT of Calcined Petroleum Coke, Goa plant produced 2,519.100 MT of Calcined Petroleum Coke while Pradeep plant has produced 10,706.000 MT of Calcined Petroleum Coke. On the sales front, the company has sold a total of 13,988.570 MT of Calcined Petroleum Coke products for the month of June 2016. Of the total sales achieved for the month, Bilaspur plant, Goa plant and Paradeep plant of the company sold 1,614.700 MT; 4,409.820 MT and 7,964.050 MT respectively. Goa Carbon is into the business of manufacturing and marketing Calcined Petroleum Coke. Goa Carbon is firmly established as a...
Alcoa plans to announce its second quarter 2016 financial results on Monday, July 11 after the market closes. The press release will be available on the Investor section of Alcoa's website, and a link to the press release will also be available on Alcoa's twitter handle. A conference call to discuss the quarterly results and business developments will be held on Monday, July 11 beginning at 5:00 p.m. EDT. The conference call will be webcast live via Alcoa's website, with presentation materials available concurrently with the press release. Analysts are expecting a decent quarter of results starting with Alcoa on July 11th. Unless the clash with Alumina has an impact on the results, Alcoa is expected to report a positive result for the second quarter.
SHFE 1609 aluminum will meet strong resistance and move at RMB 12,550-12,800/mt on Monday. Positive June manufacturing PMIs from major economies will push LME aluminum up to USD 1,650-1,675/mt. In China’s spot aluminum market, spot premiums of RMB 0-40/mt are expected over SHFE 1607 aluminum contract.
The MCX-Aluminium future continued to trade within the INR97-INR112 range for the sixth consecutive month. It is currently poised near INR112; the upper end of the range. If the contract reverses lower from here, it can then fall to INR105 and INR103 in the coming weeks. On the other hand, a strong break above INR112 can take the contract higher to INR115, which is a key long-term resistance. A strong break and a decisive weekly close above INR115 will reduce the possibility of a fresh fall . Such a break can take the contract higher to INR120 or even INR125 over the medium term. But, inability to break above INR115 can drag the contract lower to INR112. If the contract manages to sustain above INR112, a sideways move between INR112 and INR115 is possible for some time. But a strong break...
<p>India is at the threshold of emerging as the next biggest demand driver for aluminium- the strategic metal of tomorrow. Although, presently, the per capita consumption of the metal here stands at 2.2 kg against the world average of 8.4 kg, rapid urbanisation, improving automobile story of the country, and increasing GDP rate- indicate at a future where the use of aluminium has grown significantly. Countries which are now competing with India at the production front will then try to grab of a piece of this lucrative market. China, for instance, is already doing so. There the GDP rate has started declining and the demand for industrial metals like aluminium has shrunk considerably.<br /><br /> Satish Pai, Deputy Managing Director of Hindalco Industries Ltd., sounded positive when he said...
The Centre on Thursday, July 30, announced to set up Aluminium Development Council in the lines of Steel Development Council to address various issues of aluminium industry including effect of global slowdown, promoting per capita use and raw material linkage. "The proposed Aluminium Council Development is a genuine demand of the industry and it will be set up soon under the chairmanship of union mines minister or secretary. The council would undertake an independent study on how to adjust various segments associated with the industry in the regulatory framework," said union mines secretary Balvinder Kumar. He was speaking at a national seminar of 'Aluminium: the strategic metal' organised by the Aluminium Association of India (AAI) here. He said, despite global slowdown, domestic...
Vedanta Limited is chalking out plans to produce 1.7 million tonne of aluminium this fiscal through a capacity ramp-up at Balco and Odisha's Jharsuguda plants. "Ever since April 1 this year, we have been ramping up our aluminium lines at Balco and Odisha. We would expect that all the Balco lines would be raised this year," Vedanta Limited Group CEO Tom Albanese told PTI. The Anil Agarwal-led company is a major shareholder at Balco in Chhattisgarh and Jharsuguda plant in Odisha. "In Odisha, we have four new pot lines that we would be ramping up," he said. "... That would get us to total annualised production capacity of about 1.6-1.7 million tonnes of aluminium per year and I would compare it with last year's aluminium production level of about 900 thousand tonnes," he added. The company...
Manufacturing PMIs from major economies to be released today will leave LME aluminium moving in a wide range of USD 1,635-1,660/mt. SHFE 1608 aluminium will challenge previous highs and move at RMB 12,600-12,800/mt. On Wednesday’s (June 29) night trading, SHFE 1608 aluminium dipped to RMB 12,320/mt after opening at RMB 12,360/mt. But prices then quickly returned to RMB 12,480/mt before ending at RMB 12,420/mt. On Thursday, SHFE 1608 aluminium opened at RMB 12,425/mt. Prices rose to RMB 12,575/mt after SMM data showed aluminium stocks in China’s five major markets fell another 50,000 mt. Finally, the most active contract closed at RMB 12,530/mt. Positions were down 4,310 to 164,724. SHFE aluminium will remain strong in the short term on falling stocks and loose monetary policy. In China’s...
SHFE aluminium has made a stunning comeback of late, and the rebound will prove sustainable at least for now as stocks in domestic major markets have unexpectedly hit the lowest in nearly five years, SMM predicts. Source: Reuters As of today, aluminium stocks in China’s five major markets totaled 313,000 tonnes, down another 50,000 tonnes to a new low last seen in September 2011. In fact, the figure was down as much as 66 per cent from this year’s high seen in early March. So, what's behind the dramatic fall? SMM has summarized several reasons as below: Massive production cuts late last year were the main reason. SMM statistics showed China’s aluminium output fell 1.76 per cent year-on-year to 12.47 million tonnes during January-May. Besides, better downstream consumption in the first...
