European aluminium premiums have climbed to their highest level in almost four months as the market weighs the potential impact of lower US tariffs on Canadian aluminium supplies. The front-month COMEX European duty-paid aluminium premium rose 10 per cent to USD 574 per tonne on October 1, Thursday, according to LSEG data. The premium, which is paid on top of the London Metal Exchange (LME) aluminium price for physical metal, reached its highest level since June 8. Canadian metal flows drive European supply concerns The European premium has risen in recent weeks amid reports that the US could reduce its 50 per cent tariff on Canadian aluminium imports to 25 per cent. A lower tariff could make the US market more attractive to Canadian producers, potentially reducing the metal available to...
LME aluminium prices softened on October 2 compared with the previous trading day, with cash and three-month prices recording modest declines. LME aluminium stocks also edged lower, while live warrants remained unchanged and cancelled warrants decreased. The LME aluminium cash bid price stood at USD 3,109 per tonne on October 2, down from USD 3,119.5 per tonne on October 1, marking a decline of 0.34 per cent. The cash offer price fell to USD 3,109.5 per tonne from USD 3,120 per tonne, down 0.34 per cent. The LME aluminium 3-month bid price declined to USD 3,121.5 per tonne on October 2 from USD 3,130 per tonne on October 1, a decrease of 0.27 per cent. The corresponding offer price fell to USD 3,122 per tonne from USD 3,131 per tonne, down 0.29 per cent. Explore- Most comprehensive and...
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Fata Aluminum’s range of products goes from Automated casting plants for aluminum castings (automatic carousels, casting machines, Pouring robots, etc) to an environmentally friendly Sand Regeneration technology that reduces cost and improves the quality of the sand. Fata Aluminum will present the paper “A New Concept For Thermal Sand Regeneration Systems” about its innovative way of thermal regeneration of sand, based on the experience of more than fifty thermal Sand Regeneration systems in major foundries worldwide. Fata Aluminum engineered the brand new Compact Rec with reduced overall height, to allow installations in small foundries., It has a productivity range between 0,5 and 2,5tons/hour and it does not need any heavy or big supporting structure. Consequently the return of...
BHP Billiton, leading global resources company as a part of its internal business reformation created a new aluminium firm through the Australian securities regulator. The creation mainly comes as a part of BHP’s board and management decision to spin off the noncore asset into new firm worth $20 billion, which would be given back to its shareholders. The new aluminium company was created on May 6 and registered to BHP’s Perth office, Brookfield Place. John Slaven and Stefan Giorgini have appointed as its two directors and Robin Lees is its secretary. The company’s sole shareholder is Brisbane-based Coal Holdings but this is the company which has the ultimate holdings and it is unclear whether the new Aluminium Company keeps any physical assets. The company has also secured tax exemption...
The Odisha government and two Central PSUs — National Aluminium Company (Nalco) and Steel Authority of India Ltd (SAIL) today agreed to resolve the dispute over tax arrears thorough mutual discussions in two months. The two Central PSUs had gone to court, challenging the power dues slapped on them by the state government. “A decision has been taken to settle the tax dues with Nalco and SAIL through mutual talks. The issue has been pending in courts for many years,” said state chief secretary J K Mohapatra. Nalco’s chairman and managing director (CMD) Anshuman Das said, “There are certain cases of dispute on ED which are now pending with the Supreme Court. Similarly, there is a water cess case pending in the Odisha HC. Both the issues are expected to be resolved in two months. The matter...
Tajikistan Aluminium Company (TALCO), Central Asia's largest aluminium smelter, cut output by 39.5 percent in annual terms to 36,000 tonnes in January-March, the Economy and Trade Ministry said on Tuesday. The fall in output in the first quarter is largely in line with TALCO's pessimistic outlook published in February, which forecast aluminium production to shrink by 30.7 percent to 150,000 tonnes this year. "The reason behind falling aluminium output is a decline in world aluminium prices, which in turn does not allow the smelter to increase production because the low price for the metal makes this unprofitable," the ministry said in a statement. Hit by low aluminium prices, TALCO was forced to reduce output by 20.6 percent to 216,369 tonnes in 2013. Lower output has made redundant 20...
National Aluminium Company (Nalco), a navratna PSU under the Union ministry of mines, is in talks with six countries for setting up smelter units through joint ventures. "Nalco has approached the ambassadors of six countries- Indonesia, Vietnam, Malaysia, Qatar, Oman and Iran for setting up smelters overseas in joint venture," said Ansuman Das, chairman cum managing director while addressing the employees of company's smelter and power complex at Angul. For the proposed alumina refinery in Gujarat, Das stated that Nalco has offered the Gujarat government 49 per cent stake to ensure its participation and commitment. Das expressed his optimism on completion of ongoing lean slurry project at Angul site by the end of this year. The project would solve the ash disposal problem of the company's...
LME aluminium may rebound to $1,787 per tonne as it has found a support at $1,760. The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. It has triggered a rebound towards the 50 percent retracement at $1,787. A break below this support may cause a limited loss to $1,751, the 76.4 percent Fibonacci retracement on the rise from the March 19 low of $1,704.25 to $1,902.50. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
UC Rusal, a leading, global aluminium producer, announces its results for the three months ended 31 March 2014. Key highlights • In the first quarter of 2014 LME aluminium price continued its fall and reached the lowest record since the second quarter of 2009 of USD1,708 per tonne demonstrating a 3.4% decrease compared to USD1,769 per tonne in the last quarter of the prior year. This negative trend was compensated by historically maximum realized premiums over the LME aluminium price of USD336 per tonne in the first quarter of the current year, 21.3% higher than USD277 per tonne in the fourth quarter of 2013. • Aluminium segment cost per tonne in the first quarter of 2014 decreased by 6.6% to USD1,741 per tonne as compared to USD1,864 per tonne in the fourth quarter of 2013 and by 11.7%...
Aluminium Bahrain B.S.C (Alba), a leading aluminium producer in the Middle East, reinforced its commitment to support employee development and professional growth with the recent promotion of more than 600 employees across all levels in the plant. The promotions - for the period of 2013 and Q1 2014 – were based on international standards of employees’ career advancement, including knowledge and skills, dedication towards work, initiatives at work and demonstrated potential for growth. Congratulating the promoted employees, Alba’s Chief Executive Officer, Tim Murray said: “The success of any organisation is based on the quality and skills of its employees. I am confident that these new leadership appointments will further strengthen the overall growth of the company. I wish them success in...
RIO Tinto’s much-maligned aluminium business could be a surprise saving grace for the miner as iron ore prices soften, with the company’s cost-cutting drive set to produce strong cashflows and boost the chance of big returns to shareholders. The turnaround in aluminium, which Deutsche Bank is forecasting will contribute $US2 billion ($2.1bn) of annual free cashflow to Rio by 2017, comes as chief executive Sam Walsh predicts an end to the Chinese overcapacity that has hobbled the industry in recent years. While there is no hope of recovering the $US25bn of value wiped from the aluminium unit’s book value since Rio paid $US40bn in cash for Alcan just before the global financial crisis, some investors are positioning themselves for a rebound. “We have shareholders on our portfolio because...
Wait times to get metal out of warehouse firms owned by trade house Glencore and bank Goldman Sachs stretch up to two years, according the London Metal Exchange's (LME) first report detailing backlogs at its global network of depots. Lengthy logjams at warehouses monitored by the LME, the world's oldest and biggest market for industrial metals, prompted bitter criticism by consumers and sparked a wide-ranging reform programme at the exchange. The LME's new report, covering the month of April, showed the backlogs were concentrated at four warehouse locations and with three major warehouse operators. The LME already publishes data on inventory levels by location and metal, but up until now has not published the amount of stock held by individual companies. A court ruling in March halted a...
London-based metals information company CRU is preparing to host its 19th World Aluminium Conference on May 19-20 at the JW Marriott in Hong Kong. CRU says its aluminum industry conference “attracts influential delegates involved in [aluminum] smelting, recycling, rolling, extruding, trade, raw materials, purchasing, technology and finance.” Speakers and panelists at the 2014 version of the event include: • Bob Wilt, president of Global Primary Products at Alcoa; • Michael Lion, chairman and director of Sims Metal Management Asia Limited; • Wang Feihong a senior analyst with China Minmetals Non-Ferrous Metals Co. Ltd.; • Bruce Cox, president and CEO of Pacific Aluminium; and • Oleg Mukhamedshin, deputy CEO and director for strategy and business development at RUSAL. Several researchers...
3 month forward LME Aluminum prices ended the day at $1766.50 mostly unchanged from its previous close. We saw slight intraday volatility in the prices while by end of the day market remained steady. We had no news from the fundamental front, Aluminum stocks at LME declined in a single day by 9700 MT but the impact was not visible clearly. This morning at LME, Aluminum is seen trading at $1775+ marginal gain over previous close. We believe the commodity may show slight gain in the prices as part of short covering. While, we look at the derivative analysis we expect a good amount of short covering in the contract therefore, possibly prices may rebound. Besides, there are no fundamental updates on the commodity. As stated above the declining of inventories could bring in slight support to...
Aluminium prices today rose by 0.38% to INR 104.85 per kg in futures trade as speculators enlarged positions amid a firming trend overseas. Besides, increased demand at domestic spot markets also influenced prices. At the Multi Commodity Exchange, aluminium for delivery in May rose by 40 paise, or 0.38%, to INR 104.85 per kg in business turnover of 390 lots. The metal for delivery in June rose by a similar margin to INR 106.40 per kg in 15 lots. Market analysts said the rise in aluminium prices at futures trade was mostly attributed to a firming trend in the entire base metals pack at the London Metal Exchange and rising demand at spot markets here.
Namsun Aluminum shares gained nearly 4 percent Friday after news the company turned around with positive results in the first quarter. The share price closed up 3.92 percent to 848 won. The company announced its first-quarter operating profit reached 4.41 billion won against an operating loss of 2.1 billion won a year ago. Sales grew 6.9 percent to 81.55 billion won in the same period and net profit came to 3.51 billion won versus a net loss of 4.1 billion won a year ago.
Analysts at CRT Capital initiated coverage on shares of Century Aluminum in a research report issued to clients and investors on Wednesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock. Shares of Century Aluminum opened at 13.82 on Wednesday. Century Aluminum has a 52-week low of $7.65 and a 52-week high of $14.64. The stock has a 50-day moving average of $13.3 and a 200-day moving average of $11.06. The company’s market cap is $1.227 billion. Century Aluminum last posted its quarterly earnings results on Thursday, April 24th. The company reported ($0.23) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.05) by $0.18. The company had revenue of $420.80 million for the quarter, compared to the consensus estimate of $437.44 million....
Find below the corrigendum that further explains the total sales revenue for the quarter in the financial highlights section: Alba’s metal sales for the first quarter of 2014 reached US$ 459 million (BD 172.6 million) compared to US$ 498 million (BD 187.2 million) in Q1 2013 due to lower LME prices (down by 15% YoY). In addition, Alba generated US$ 27 million (BD 10.1 million) from non-metal sales in the first quarter 2014 bringing Total Sales Revenue to US$ 486 million (BD 182.7 million) versus US$ 498 million (BD 187.2 million) in Q1 2013.
We saw a good amount of nearly 0.75% decline in the Aluminum prices on Wednesday to settle the three month contract at $1769/MT. Likewise, at the domestic market, May future ended lower at INR 104.40/kg. Also, daily inventory declined at LME but the reaction on the prices were negligible. We saw a broad based sell off in all the metals and believe that the marginal rise in the USD index may have supported the metals to trade higher. This morning at LME, 3 month forward Aluminum is seen trading steady near $1775. As we proceed today possibly the entire day’s view may remain lower while the day’s performance could be minimal as the equity markets trading positive may not permit the commodity to fall much. News: CME Group, the world's leading and most diverse derivatives marketplace,...
LME aluminium is expected to consolidate in a range of $1,760-$1,780 per tonne, as indicated by two sets of Fibonacci retracement analyses. One set is on the rise from the March 19 low of $1,704.25 to the April 11 high of $1,902.50, revealing a resistance at $1,780, the 61.8 percent level. The other set is on the rise from the Feb. 3 low of $1,671.25 to the same high, marking a support at $1,760, the 61.8 percent retracement as well. A break below $1,760 may trigger a limited loss to $1,751, a 76.4 percent retracement, only a further break below which could cause a bigger loss to $1,726, a 76.4 percent retracement. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own...
