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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Base metal prices on the SHFE are expected to be vulnerable to losses this week, Shanghai Metals Market foresees. “China will release a bag of 2015 economic data, and this, coupled with narrower volatility of Chinese yuan in offshore market, will pressure the Shanghai prices, and the condition of SHFE stronger than LME will likely be changed,” SMM says. Overseas investors now also eye on European Central Bank’s rate decision on its January meeting. SMM forecast for most actively-traded contracts in aluminium spot market is 10,580-10,750 yuan per tonne.
LME aluminium is expected to meet resistance at the 40-day moving average and move at USD 1,458-1,483/mt on Monday. SHFE 1603 aluminium should consolidate at RMB 10,580-10,750/mt. In China’s spot market, spot discounts of RMB 0-10/mt and premiums of RMB 0-30/mt are expected over SHFE 1601 contract.
The National Association of Manufacturers (NAM) announced today that Heidi Brock, president and CEO of the Aluminum Association, has been elected chair of the NAM’s Council of Manufacturing Associations (CMA) to serve a one-year term. The CMA, made up of nearly 260 industry-specific manufacturing associations, is a vital component of the NAM, providing resources and networks to members to broaden the reach of the NAM’s advocacy efforts. “No executive is better equipped than Heidi to lead manufacturing association executives in this critical time in history,” said NAM President and CEO Jay Timmons. “Her ability to transcend Washington rhetoric and advocate on behalf of her members is inspirational. She is a true leader in the business advocacy community. Heidi continues to forge new life...
As Associate Sponsor for the seventh consecutive year, UAE aluminium giant Emirates Global Aluminium ("EGA") will again play a pivotal role at the World Future Energy Summit ("WFES") 2016, hosted by Masdar at the Abu Dhabi National Exhibition Centre from 18 to 21 January. Jointly owned by Mubadala Development Company and Investment Corporation of Dubai , EGA has supported the event since 2009. Held under the patronage of His Highness Sheikh Mohammed Bin Zayed Al Nahyan (Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces), WFES is a key part of Abu Dhabi Sustainability Week 2016. The annual event is widely considered the world's foremost summit dedicated to advancing future energy, energy efficiency and clean technology. As in prior years, the 2016 summit will...
LME aluminium may bounce to resistance at $1,479 per tonne, as it has found a support at $1,453. The resistance and the support are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50. A break below $1,453 could confirm the continuation of the wave C towards $1,426, the 61.8 percent level, while a break above $1,479 could lead to a gain to the 23.6 percent level at $1,511.
Vietnam Deputy Prime Minister Hoang Trung Hai has asked the country's coal sector to prioritise coal production for domestic use, thereby ensuring the stability of the national energy reserve. In order to extract 55 million tonnes (mt) of coal by 2020, the sector, according to the industry sources, is expected to expand 10 mines and open 40 additional pits. During a conference convened by the Vietnam National Coal and Mineral Industries Group (Vinacomin) in Ha Noi yesterday to review its 2015 activities and launch 2016 tasks, PM requested Vinacomin to increase exploration and mining using advanced and eco-friendly technologies. It was required to devise cost-effective business plans, and solutions to climate change, while further promoting personnel training and improving the livelihoods...
Five major GCC primary aluminium producers EGA (UAE), Alba (Bahrain), Ma’aden Aluminium (KSA), Qatalum (Qatar) and Sohar Aluminium (Oman) have collectively produced 5,274,729 tons of primary aluminium in 2015. 7% more than 2014. “This is the highest production record reflecting improved efficiency and optimising resource utilization”, said Mr. Daylami, Secretary General of Gulf Aluminium Council. GCC aluminium production constitutes 10% of the total world production and is considered one of the key economic drivers for the Gulf region. About 40% of the total production is utilized by the downstream aluminium industries in the Gulf and 60% exported to different parts of the world. GCC remains one of the leading regions for aluminium production with higher environmental standards compared...
Aluminium settled down -0.61% at 97.75 logging small losses while LME aluminium, which has been the best LME performer this year, finished down 0.8 percent at $1,450 a tonne, the lowest since Dec. 1 last year. Prices may see support today as profits ahead of key trade data from China, but the recent onslaught of selling was expected to resume given struggling demand-growth in the world's top user of metals. Meanwhile, metals company Alcoa Inc on Monday reported a quarterly net loss after charges related to shuttering parts of its traditional smelting business. CME Group has logged the first trades in its Japan aluminium premium contract, data from the exchange showed on Monday, just days after the industry hammered out the first quarter premiums for Asia's biggest importer of the metal....
Noranda Aluminum Holding Corporation has announced actions principally designed to reduce costs in the company's integrated upstream aluminium business, which comprises its bauxite mining operation in Jamaica, its alumina refinery in Gramercy, Louisiana, and its primary aluminium smelter in New Madrid, Missouri. These actions are in response to continued low aluminium prices, the previously announced idling of two pot lines at the company's aluminium smelter in New Madrid, Missouri, and other business issues affecting the company's upstream operations. "These actions reflect our intense focus on managing cash and available liquidity in an especially challenging business environment for our integrated upstream business," said Layle K. "Kip" Smith, Noranda's President and Chief Executive...
Aluminium prices are unlikely to face the sort of erosion that has hit other base metals. Experts said prices are unlikely to drop below INR 93 per kg, having recovered to Rs 98.55 on Wednesday for January contracts after declining to INR 97.60 on January 7 on MCX from INR 99.90 on December 31, 2015. A variety of factors have contributed to arresting a steep drop in aluminium prices, said Himanshu Gupta, senior market strategist at Karvy Commodities Broking. "Malaysia is pushing to suspend bauxite mining due to concerns about its impact on the environment, which could interrupt supply of the aluminiummaking ingredient to China," said Gupta. Besides, Alcoa has plans to close its 2,69,000 tonneper-year Warrick smelter in Evansville, Indiana, by the end of the first quarter of 2016 which...
Oleg Deripaska, president of the world’s biggest aluminium manufacturing group Rusal, says the outcome of the Paris Climate Summit late last year was nothing more than an agreement for 196 countries to “kick the can down the road a few decades’’. He writes that for a summit notionally about emission reductions, none were meaningfully agreed to in Paris. “Indeed, even the applauding atmospheric chemistry scientists at MIT’s (Massachusetts Institute of Technology) Global Change Program calculated that if all the unenforceable, non-binding pledges made in Paris were implemented, the improvement by 2100 would total only 0.2 degrees Celsius.’’ A harsh critic of Australia’s previous carbon tax forays, Mr Deripaska emphasises that the adoption of a carbon tax has to be a global response....
Aluminium Bahrain B.S.C (Alba), a leading aluminium smelter in the world, held its first Executive Series Training for 2016 on Sunday, January 10, 2016 at Alba Oasis Hall. The Workshop, part of Alba’s Executive Education series, focused on aligning the management team on what needs to be done to further boost the company’s performance to combat the severe downturn in commodity prices. The training session was delivered by Mr. Mark Magnacca President and Co-Founder of Allego, who is a renowned motivational speaker and also the author of the management book “So What?” Commenting on the Workshop, Alba’s Chief Executive Officer, Tim Murray said: “With the collapse of all-in-aluminium prices it is critical that the objectives of the company are aligned to ensure we survive during these...
Alcoa Inc.’s upbeat forecast for global aluminium supply and demand in 2016 is bullish. The world’s third largest aluminium company had said in November that it expects a deficit (demand exceeds supply) to the extent of 360,000 tonnes. Along with its fourth quarter results, the company on Tuesday announced an increase in its deficit forecast to 1.2 million tonnes (mt). How did Alcoa arrive at this number? It expects global consumption to rise by 6% in 2016, with China’s demand growing by 8% and rest of the world by 4%. That’s an aggressive forecast, considering the troubles in emerging markets, especially in China, which has a 51.6% share in the 2016 consumption estimate. In 2016, Alcoa expects 4.4 mt of additional production from new or restarted projects too. But crucially, it expects...
Six large Chinese aluminium producers in China are considering forming a joint venture company that will handle primary aluminium stockpiling, a report by state-backed research firm Antaike said on Tuesday. The six companies -- four state-owned firms and two private enterprises -- include Aluminium Corp of China (Chinalco), State Power Investment Corporation, Yunnan Aluminium, Jiugang group, Jinjiang group and Weiqiao Aluminium & Electricity, Antaike said. The amount that the joint venture company will stockpile has not been decided, according to the report. An aluminium stockpiling plan has been discussed over the past few weeks after aluminium prices fell to multi-year lows in the second half of last year, and is likely to be funded by commercial loans, sources have said. The...
UC RUSAL, a leading global aluminium producer, announces a number of senior staff appointments within the company’s Aluminium Division. Evgeny Popov has been appointed as Managing Director of Sayanogorsk Aluminium Smelter (SAZ). Prior to the appointment, Mr Popov worked as Director of Production Department of the Aluminium Division. Evgeny Kuriyanov has been appointed as Managing Director of Irkutsk Aluminium Smelter (IrkAZ). Prior to the appointment, Mr Kuriyanov worked as Director for Reduction Process at Krasnoyarsk Aluminium Smelter (KrAZ). In their new roles, Evgeny Popov and Evgeny Kuriyanov’s responsibilities will include expanding the range of value-added products (VAP), improving these products’ quality, continuing the RUSAL Business system’s further development, as well as...
China Hongqiao Group. Ltd., the world’s biggest maker of aluminium, will raise nearly half a billion dollars from a rights offer underwritten by its founder, highlighting the difficulties of producers amid five-year-low commodities prices. The company’s shares fell in Hong Kong. The Shandong province, China-based company aims to bring in HK$3.84 billion ($490 million) by offering seven shares for every 50 held by shareholders, the company said in a statement to the Hong Kong stock exchange after close of trading on January 8. Chairman and founder Zhang Shiping, who has pledged to underwrite 99 percent of the issue, holds more than 78 percent of Hongqiao through a holding company, according to the statement. “Strategically the raising will address working capital needs and highlights the...
LME aluminium may edge up to $1,511 per tonne, as it has cleared a resistance at $1,479. The resistance was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50. The next resistance will be at $1,511, the 23.6 percent level, around which the current bounce may end and the wave C will resume. A fall below $1,479 could also signal the resumption of the wave C towards $1,453, the 50 percent projection level.
Noranda Aluminum Holding Corporation today announced that production has been idled at two of the three pot lines at its aluminum smelter in New Madrid, Missouri, following an electrical supply circuit failure. The electrical supply circuit failure occurred shortly before 1:00 p.m. Central Time on January 7, 2016 and no serious injuries were reported. Noranda is assessing the incident to determine its root cause. The third pot line was not directly affected and production in that line has continued. As Noranda's Flat-Rolled Products business sources metal from a portfolio of suppliers, the Company believes it has access to sufficient sources of aluminum to meet customer commitments for flat-rolled products. The Company is evaluating its ability to meet customer commitments for its primary...
