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. On...
The conclusion of negotiations on the EU–India Free Trade Agreement creates a new context for Indian manufacturers considering the European market, but future opportunities will increasingly depend on regulatory preparedness as well as commercial competitiveness. Negotiations on the Free Trade Agreement were concluded in January 2026. Earlier this month, the European Commission submitted proposals to the EU Council for its signature and conclusion. The Agreement is not yet in force and remains subject to the required European and Indian procedures. For the Indian aluminium industry, the development comes at a time when access to Europe is increasingly shaped by environmental, product and supply-chain regulation. One of the most immediate examples is the European Union’s Carbon Border...
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LME aluminium is expected to test resistance at $1,563 per tonne, with a good chance of breaking above this level and rising more to the next resistance at $1,581. These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50. This wave is capable of travelling to $1,581. A triangle forming between December 24, 2015 and February 19 has been confirmed as a bullish pattern, suggesting an aggressive target at $1,610. A break below $1,549, now a support, could cause a loss to $1,537, a support provided by the upper trendline of the triangle.
LME aluminium is expected to test resistance at $1,563 per tonne, with a good chance of breaking above this level and rising more to the next resistance at $1,581. These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the January 7 low of $1,451.50. This wave is capable of travelling to $1,581. A triangle forming between December 24, 2015 and February 19 has been confirmed as a bullish pattern, suggesting an aggressive target at $1,610. A break below $1,549, now a support, could cause a loss to $1,537, a support provided by the upper trendline of the triangle.
Aluminium Bahrain B.S.C. (Alba), a leading international aluminium smelters based in the Kingdom of Bahrain, held a series of workshops titled ‘Cost Rationalisation and Cost Realignment Strategies’ with the aim to accelerate its efforts towards remaining cost competitive. The workshops were delivered by a specialist from French Arabian Business School (FABS) in partnership with ESSEC. Speaking about this workshop, Alba’s Chief Executive Officer, Tim Murray said, "Given the challenges faced by the aluminium industry, Alba must reinvent itself to stay cost competitive. One of the ways to achieve such alignment is through training, which will bring synergy to the bottom line results.”
For the fifth consecutive year, lightweight metals engineering and manufacturing leader Alcoa has been named the most admired metals company by Fortune magazine in its annual ranking on corporate reputation. Alcoa has been on Fortune’s Most Admired List since the publication began the annual ranking more than 30 years ago. In addition, Alcoa received top scores in all key attributes: innovation, people management, social responsibility, use of corporate assets, quality of management, financial soundness, long-term investment value, quality of products and services, and global competitiveness. “This award is a credit to our talented employees around the world,” said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld. “Alcoa employees everywhere continue to work tirelessly to ensure...
About 71% of the 28 Chinese aluminium smelters surveyed by SMM are bullish over aluminium prices this week. These optimists expect SHFE 1604 aluminium to rise to RMB 11,350-11,500/mt and LME aluminium to rise above USD 1,580/mt, citing a series of positive factors. 1. Longs have been prevailing in SHFE aluminium market recently, with KDJ pointing upward. 2. Aluminium stocks in China’s major markets grew slower after this year’s Chinese New Year holiday than those seen after last year’s Chinese New Year holiday because of production cuts. 3. Commissioning of new capacity and restart of idled capacity did not pick up pace rapidly in February, despite rising aluminium prices. 3. Demand will pick up as processors return after Lantern Festival. The rest 29% see SHFE 1604 aluminium holding...
Landsvirkjun, the Iceland-based power producer, saw its net profit grow by 7.4 per cent year on year in 2015 to USD 84.2 million (EUR 76m), even though the prices of aluminium have been falling since the last couple of quarters. Operating revenue was USD 421.5 million, down by 3.8 per cent compared to the previous year. The results are remarkable because aluminium manufacturing has always been a mainstay for power producers in the country. The state-owned company, which operates hydropower, geothermal and wind power plants, sold 13.9 TWh, a record for it. To meet demand, it is building a new geothermal power plant at Theistareykir and plans to start construction of an expansion of Burfell hydro power plant this spring. “Despite a challenging environment in most commodity and energy...
Aluminium prices surged 4 per cent last week, with the spot price on the London Metal Exchange (LME) closing on a stronger note at $1,562 per tonne on Friday. This is just above an important resistance at $1,560. The metal is up about 10 per cent from its low of $1,423 made in November 2015. Between May and November 2015, aluminium spot prices had plummeted over 27 per cent from a high of $1,959. On the domestic front, the aluminium futures contract traded on the Multi Commodity Exchange (MCX) rose 5 per cent last week to close at INR107.65 per kg. This contract moves in tandem with the LME spot price. A weakening rupee, against the dollar, is providing additional support to the domestic futures contract. Prices of most metals have been strengthening in the global markets due to the...
A massive overhang of aluminium stocks, mostly due to rising Chinese production, is set to cap a tentative price recovery triggered by large output cuts. Last year plummeting prices and squeezed margins led to production cuts of around 5.5 million tonnes with the bulk, about 4 million tonnes, in China. Benchmark aluminium on the London Metal Exchange hit $1,432.50 a tonne last November, the lowest since May 2009. Prices of the metal used in transport and packaging have since recovered to around $1,500 a tonne, but a stronger rally may only encourage producers to restart idled output capacity. Large surpluses are due to a ramp-up in China, which accounted for nearly 55 percent of global supplies of around 57 million tonnes last year. "We think prices will stay around the $1,400/$1,500...
Taking positive cues from global market and strong demand at domestic spot markets, aluminium prices edged up 0.52 per cent to INR 105.80 per kg in futures trade today as participants enlarged positions. Marketmen said increased domestic demand and a firming global trend where base metals gained with optimism that demand will recover in China after the government signaled increased support for the economy through higher spending and new measures to boost bank lending, helped aluminium futures to trade higher. At the Multi Commodity Exchange, aluminium for delivery this month inched up by 55 paise or 0.52 per cent to INR 105.80 per kg in a business turnover of 116 lots. Likewise, the metal for delivery in March traded higher by 35 paise, or 0.33 per cent, to INR 105.85 per kg in five lots.
Century Aluminum still hopes state lawmakers will find a way to cut electricity costs at its Mount Holly smelter, but a shutdown by the end of May is looming. “We are working intently to produce a power-supply arrangement that makes this world-class plant competitive for the long term,” Mike Bless, the company’s president and CEO, said Thursday after Century announced its quarterly and annual earnings. Bless told investors during a conference call that Century must know by the end of next month whether there will be a legislative solution to Mount Holly’s electric costs. The company has arranged to buy power for the Berkeley County site only through May and could give the required 60-day notice to cancel its contract with state-owned electric utility Santee Cooper by the end of March....
LME aluminum is on track for gains next week on improved market sentiment, SMM says. LME aluminum should rise to $1,520-1,560 per tonne. SHFE aluminum will advance to 11,100-11,400 per tonne, due to anticipation for a turnaround in aluminum consumption after the week-long holiday. Besides, aluminum stocks in major markets grew slower than post-holiday levels seen last year. Spot discounts in China will narrow to 150 yuan per tonne, thanks to returning of aluminum processors from the holiday.
The Victorian Greens have called on aluminium producer Alcoa to publicly declare if the Portland smelter, in the state's west, can remain viable without a state subsidy. A 20-year power deal, providing the company with subsidised electricity at a price linked to the London Metal Exchange, is due to expire this year. The company last week confirmed it had made a failed bid to secure a transmissions discount from the Australian Energy Market Operator. Greens' leader Greg Barber said Alcoa must be clear if the smelter had a future without subsidies. "If they lose the subsidy, does that mean it's all over or do they have some other plan?" he said. "Please let the community know, we don't want to be reading about it the morning after. "What's important is that Alcoa has to actually say what...
Aluminium Bahrain B.S.C. (Alba), the Bahrain-based leading international aluminium smelter, has further strengthened its senior leadership team with the appointment of Amin Sultan as the Acting Chief Operations (COO), effective immediately. Welcoming Amin Sultan into the executive team, Alba’s Chief Executive Officer, Tim Murray said: “Amin is another great example of Alba developing people from within the company. Amin, with his two-decade long experience and MBA background has a proven track record. I look forward to challenging Amin and see him rise to the next level of leadership.” Mr. Sultan joined Alba in 1997 as an Engineer in power station following which he was promoted to Superintendent in 2004, and from 2008 onwards, served as Manager and Senior Manager in power maintenance and...
Chalco will make efforts in raising its share of captive power in the future, updated a source from the company. The source said Chalco is just about 30% reliant on captive power, well below average industry level, with some aluminium smelters even entirely reliant on captive power. The company will make efforts in coal-electricity-aluminium integration and captive power plant construction in the future, the source added. Chalco’s latest report showed it expects to register a net profit of around 200 million yuan in 2015, a sharp reversal from a staggering loss of 16.22 billion yuan in 2014.
The latest report published by the World Bureau of Metal Statistics (WBMS) indicates that global primary aluminium market has recorded a deficit during the year 2015. As per the report, the market reported a deficit of 356,000 tons when matched with the deficit of 589,000 reported during entire year 2014. The production of primary aluminium was up by 8% during the entire year when matched with the previous year. The global production rose by 4,103 kt during this period, when compared with a year ago. The total reported stock of metal has declined further by 6,000 tonnes during the month of December 2015. The stocks at the end of the year stood at 3,783 kt, which is sufficient to meet 24 days demand. It must be noted that the stock levels at the end of 2014 had stood at 5,020 kt. The...
Aluminium Bahrain B.S.C. (Alba) released its full-year and fourth quarter of 2015 results on Thursday, February 18, 2016. Alba reported total sales of BD 766.7 million (US$ 2.039 billion) in 2015 versus BD 821.6 million (US$ 2.185 billion) in 2014, down by 7% YoY due to the collapse of all-in-prices. As for the fourth quarter of 2015, total sales totalled BD 176.3 million (US$ 468.9 million), down by 21% YoY, versus BD 222.2 million (US$ 590.9 million) in Q4 2014, owing to the double dip of LME and premium prices. Net Income stood at BD 59.9 million (US$ 159.5 million) in 2015 compared to BD 96.5 million (US$ 256.5 million) in 2014 - down by 38% YoY; while the company reported a net loss of BD 15.8 million (US$ 42 million) in the fourth quarter of 2015 versus Net Profit of BD 34.6 million...
Century Aluminum Company reported a net loss of $43.1 million for the fourth quarter of 2015. Results were favorably impacted by a $23.5 million lower of cost or market inventory adjustment and $3.4 million related to non-cash, non-recurring post-retirement benefits. Results were negatively impacted by a $3.5 million charge related to the partial curtailment of operations at Hawesville and Mt. Holly, a $5.0 million charge for depreciation related to Mt. Holly purchase accounting and an $11.6 million impairment charge at BHH. After consideration of these items, the company reported an adjusted net loss of $49.9 million and an adjusted loss per share of $0.53 for the fourth quarter. For the fourth quarter of 2014, Century reported net income of $75.8 million. Sales for the fourth quarter of...
Norsk Hydro, one of the world's largest aluminium producers, cut its 2016 forecast for aluminium global demand, including China, to 3-4 per cent from 4-5 per cent previously, as it reported quarterly earnings that beat forecasts on Wednesday. Prices of aluminium - used in the aerospace, construction and automotive sectors - have been hit by concerns about oversupply, compounded by worries over a Chinese economic slowdown. The LME benchmark three-month aluminium is down around 16 per cent over the past 12 months and was trading around $1,520 on Wednesday. "For 2016, global primary aluminium demand is expected to increase by 3-4 percent," the firm said in a statement, adding nevertheless that market conditions had brightened. "Following several years of challenging market conditions, the...
