OCBC has raised its end-2026 aluminium price forecast to about USD 3,150 per tonne from USD 3,050, citing a slower-than-expected recovery in Gulf production, although strong Chinese output is expected to continue offsetting supply disruptions. Three-month aluminium on the London Metal Exchange (LME) fell 0.9 per cent month-on-month in September to USD 3,214 per tonne as of September 29, remaining 2 per cent above OCBC’s third-quarter forecast of USD 3,150. The cash-to-three-month spread was broadly unchanged at a USD 7.40-per-tonne contango, compared with USD 7.60 at the end of August. The spread suggests limited urgency for immediate metal supply despite a continued decline in global exchange inventories. Gulf aluminium recovery loses momentum OCBC said aluminium production across the...
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...
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Norsk Hydro ASA's underlying earnings before financial items and tax rose to NOK 772 million in the first quarter 2014 from NOK 471 million in the fourth quarter 2013. The result was lifted by seasonally higher sales volumes and power production. Highlights • Underlying EBIT NOK 772 million • Seasonally higher sales volumes • Increased power production • Primary aluminium demand outside China continues to exceed production • Investment in new automotive line and in new recycling capacity "We see signs of improvement for the aluminium industry as aluminium demand outside China continues to exceed production. Based on increasing use of aluminium in cars and rising demand for recycled metal, we are making investments in our rolled products business in Germany to expand automotive and...
Noranda Aluminum Holding Corp. saw a large decline in short interest in March. As of March 31st, there was short interest totalling 1,154,419 shares, a decline of 38.5% from the March 14th total of 1,876,653 shares, AnalystRatings.NET reports. Based on an average daily volume of 1,036,880 shares, the short-interest ratio is presently 1.1 days. Approximately 1.7% of the shares of the stock are short sold. NOR has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Noranda Aluminum Holding Corp. in a research note on Thursday. They now have a $4.20 price target on the stock. Analysts at TheStreet downgraded shares of Noranda Aluminum Holding Corp. from a “hold” rating to a “sell” rating in a research note on Friday,...
Vimetco narrowed its FY pretax loss to $0.16m, from a loss of $0.19m. Revenue was $2.2m, from $2.3m. The total production of electrolytic aluminium decreased to 869,000 tonnes, from 925,000 tonnes in 2012, and the production of processed products increased at 189,000 tonnes, up from 171,000 tonnes in 2012. CEO Gheorghe Dobra said last year was a testing one, with low demand and prices that followed the same downward trend combined with continued increases in raw material costs. However, Vimetco remained focused on our long-term development strategy to increase the output and sales of high added value products, while, in the short term, it developed and implemented new technologies to support its constant engagement to reduce costs. In December 2013, the aluminium quotation reached the...
Aluminium futures rose marginally by 0.14 per cent to INR 110.55 per kg today as speculators enlarged exposures on pick-up in spot demand and a firming trend in base metals overseas. At the Multi Commodity Exchange, aluminium prices for delivery in April traded higher 15 paise, or 0.14 per cent, at INR 110.55 per kg in a business turnover of 189 lots. Similarly, the metal prices for delivery in May traded higher by 10 paise, or 0.09 per cent, to INR 111.90 per kg in 69 lots. Market analysts said rising demand from consuming industries at domestic spot markets and strength in the base metals at the London Metal Exchange, mainly influenced aluminium prices at futures trade here.
LME aluminium is expected to hover above $1,848 per tonne for one day, as it failed to break below this support. The support is provided by the 23.6 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. The uptrend from the Feb. 3 low of $1,671.25 may have a remote chance to extend due to its corrective wave mode. That means the fall from $1,902.50 is far from complete. A rebound has been triggered by the support. However, it is difficult to fix a target as this rebound may end at any level below $1,890, a resistance provided by the upper trendline of a wedge. A break below $1,848 will cause a loss to $1,814, the 38.2 percent retracement. The views expressed are his own. No information in this analysis should be considered as being...
Aluminium Corporation of China (Chalco) plans to reduce its aluminium production by 16% year-on-year to 3.21 million tonnes in 2014, the company said. In 2013, the company produced 3.84 million tonnes, down 9% from output a year earlier. Alumina output is expected to reach 13.02 million tonnes in 2014, up 7.2% from 2013 production. Amid an ailing domestic market, Chalco recently suspended 600,000 tpy of aluminium capacity and 800,000 tpy of alumina capacity. The company swung to a profit in 2013, following the sale of some assets. "In general, China's aluminium sector is still in oversupply, the scenario wouldn't change any time soon. Even if there are some production cuts, new capacities from Xinjiang will more than make up," Liu Xiaolei, SMM analyst, said.
Rusal, the world's largest aluminium producer, could default on some of its multi-billion dollar debt if it fails to reach a new deal with creditors by Monday, it said after reporting its biggest annual loss since 2008. The company's earnings have been hammered by low aluminium prices, which in 2013 fell back to levels last seen in the aftermath of the financial crisis. Rusal won a court ruling against the London Metal Exchange (LME) on Thursday derailing plans that could have depressed prices further by bringing more metal currently tied up in warehouses on to the market. Yet the market remains oversupplied, weighing on price expectations - and Rusal, with a net debt of $10.1 billion, is one of the most indebted Russian metals and mining firms. The company has entered into negotiations...
Noranda Aluminum Holding Corp.‘s stock had its “hold” rating reiterated by analysts at Citigroup Inc. in a research report issued to clients and investors on Thursday, Analyst Ratings Net reports. They currently have a $4.20 price objective on the stock. Citigroup Inc.’s target price indicates a potential upside of 10.82% from the stock’s previous close. Separately, analysts at TheStreet downgraded shares of Noranda Aluminum Holding Corp. from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.46. Noranda Aluminum Holding Corp. traded up 0.26%...
RHB Research has maintained its Buy rating Press Metal Bhd with a higher fair value (FV) of RM5.47 (from RM4.11) and said the LME aluminium price has moved into a healthy consolidation after its recent surge, while its premium remains firmly at a record-high level - reinforcing that the aluminium market was bottoming out. In anote Friday, the research house said it was timely for Press Metal’s smelters, which have reached full commissioning, to capitalise on this possible upturn. “Maintain Buy, with a higher RM5.47 FV (versus RM4.11), at a 20% (from 40%) discount to its fully-diluted DCF,” it said.
Aluminium Bahrain B.S.C. (Alba), a leading aluminium producer in the Middle East, is the proud winner of the International Safety Award for 2013 performance by the British Safety Council. Competing with over 500 organisations spanning all sectors from the United Kingdom, Africa, Asia, the Middle East and the West Indies, Alba won the much coveted honour for its commitment and determination to prevent workplace injuries and maintaining health and well-being of its workforce during 2013. The award was received by Alba’s Chief Operations Officer, Isa Al Ansari on April 25, 2014 at the Gala Dinner ceremony held in the UK. Commenting on Alba's success in winning the British Safety Council's International Safety Award, Chief Operations Officer, Isa Al Ansari said: “Employees’ safety and health...
Century Aluminum Company reported a net loss of $20.1 million ($0.23 per basic and diluted common share) for the first quarter of 2014. Cost of sales for the quarter included a benefit of $5.5 million related to deferred power contract liability amortization. Results were negatively impacted by a $3.1 million charge for increased legal reserves. For the first quarter of 2013, the company reported net income of $8.3 million ($0.09 per basic and diluted common share). Financial results were positively impacted by a litigation reserve adjustment of $2.2 million and an unrealized gain of $15.7 million related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2.2 million related to our corporate headquarters relocation. Cost of sales for...
UC RUSAL, a leading, global aluminium producer, announces the signing of an exclusive three-year service contract with OJSC Freight One for the export of finished products in covered wagons. Freight One will provide transportation services for the export of RUSAL’s aluminium produced at all of the Company’s smelters in Russia. Aluminium and other cargo volumes shipped by the East-Siberian, Krasnoyarsk, West-Siberian, Sverdlovsk and October railways are estimated to be from 90 to 120 thousand tonnes per month. "We expect a positive result from this long-term contract with Freight One in the near future, as it allows us to reduce transportation costs, increase turnover of rolling stock, reduce overall inventory levels and working capital,” commented Vladislav Soloviev, first deputy CEO of...
Noranda Aluminum Holding Corporation announced today that its Board of Directors has declared a regular quarterly dividend of $0.01 per share to be paid on May 28, 2014 to shareholders of record as of May 5, 2014. The Board anticipates declaring this dividend in future quarters on a regular basis; however, changes in the Company's financial condition and cash needs could result in dividends being declared in different amounts, or not at all.
United Co. Rusal, the world’s largest aluminum producer, is posting its best monthly rally on record as Goldman Sachs Group Inc. and VTB Capital predict a rebound in the metal will make the company profitable again. Shares of Rusal jumped 2.6 percent to an 11-month high in Moscow yesterday, extending its April surge to 25 percent. The stock has climbed 60 percent this year, the most on the Micex Index (INDEXCF), which has slumped 12 percent. Its Hong Kong-listed stock jumped 4.1 percent today, poised for the highest close since June 3. The Bloomberg index of Russian shares trading in the U.S. fell 0.9 percent yesterday, led by VimpelCom Ltd. Rusal, which posted last year the largest loss since 2008, will report earnings of $392.8 million in 2014, according to the average of eight...
Century Aluminum is scheduled to announce its Q114 earnings results on Thursday, April 24th. Analysts expect the company to announce earnings of ($0.05) per share and revenue of $437.44 million for the quarter. Century Aluminum last announced its earnings results on Thursday, February 20th. The company reported ($0.11) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.22) by $0.11. The company had revenue of $401.20 million for the quarter, compared to the consensus estimate of $400.29 million. On average, analysts expect Century Aluminum to post $0.35 EPS for the current fiscal year and $0.94 EPS for the next fiscal year. Shares of Century Aluminum opened at 14.00 on Wednesday. Century Aluminum has a 52 week low of $6.40 and a 52 week high of $14.24. The...
LME said a quarter of electronic trading volume on the exchange comes from participants based in Asia. This is the reason the exchange has become the biggest marketplace in the world for industrial metals such as aluminium. The exchange has disclosed the exact size of trade business they get from Asia and it seems they are also planning to boost their business in China. "Ten-25 percent of outright trading on the electronic system comes from Asia,” said Garry Jones, LME Chief Executive,at a conference that took place in in Hong Kong. Jones said that LME may accept yuan-denominated collateral for the products listed in London after launch of, LME Clear, its new clearing syste, in September, although the exchange does not plan to introduce yuan listed products in London. LME had picked up...
Qatalum has taken part in the 8th Qatar Petroleum Environmental Fair to deliver the message that aluminium is a sustainable metal “that can lead to a more sustainable world.” With the slogan “God created from water every living thing,” the company emphasised that “aluminium helps to preserve water and aluminium production is a water-conscious production process.” Qatalum said aluminium helps to improve environmental performance due to its water conservation innovation efficiency. During the fair, the company showcased technology for treating water pollution, the use of water in the smelting process, and how water recycling and conservation is at the forefront of Qatalum’s environmental agenda. “Sustainable improvements are underway at Qatalum within our mission to raise our position on...
Global aluminium production reached a new high in March despite cuts to capacity by the biggest manufacturers. Companies such as Alcoa, Rusal and Rio Tinto have been shutting smelters over the past two years in an effort to tackle oversupply, as depressed prices continue to weigh on the industry. But surging output in China has more than offset these cuts. Production of the lightweight metal rose to 4.329m tonnes last month, a 5 per cent year-on-year increase, according to the International Aluminium Institute. The previous monthly high, of 4.255m tonnes, was achieved in October. While output decreased over the past 12 months in Europe and the Americas, production rose by nearly a fifth in the Middle East, where smelter owners benefit from cheap energy. But the biggest increase occurred...
