The London Metal Exchange (LME) aluminium price chart recovered on the November 9 trading session, wish cash reporting nearly 1 per cent gain compared to the November 6 close. Longer-dated contracts and inventories, however, edged lower. The LME aluminium cash bid as well as offer prices gained 0.96 per cent day-on-day on November 9. The bid recovered from USD 3,115 per tonne to USD 3,145 per tonne. The offer price surged from USD 3,117 per tonne to USD 3,147 per tonne . Explore- Most comprehensive and forward-looking industry-focused report — Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook The LME aluminium three-month bid price reported a 0.33 per cent rise from USD 3,049 per tonne on November 6 to USD 3,059 per tonne on November 9. The offer...
Iran is expanding its domestic aluminium manufacturing capabilities through nanostructured anodising technology, developing specialised aluminium sheets and profiles for applications across aerospace, medical equipment, electronics and automotive industries. The initiative reflects a move towards higher-value aluminium products by improving the metal's surface properties and expanding its potential industrial applications. According to Pars Today, citing Mehr News Agency, an Iranian aluminium complex is using the technology to produce aluminium components with nanostructured ceramic coatings designed to improve resistance to corrosion and wear. The complex is also working on developing specialised aluminium standards and has so far established eight standards in this field. The...
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Price of aluminum for three-month delivery on the London Metal Exchange, on Wednesday (20/3) at 15:20 pm, up 0.13% to U.S. $ 1,939.00 per ton, compared to the price the day before. However, during the week commencing aluminum prices are still falling around 1.37%. Within a week, the price of aluminum is likely to release some pressure due to industry data from the eurozone countries and Asia being negative. Industrial commodities also affected by the bailout of Cyprus which raised fears of economic crisis in Europe. Ibrahim, an analyst at Harvest International Futures, said that although there were some negative sentiment weighed on prices of aluminum, but the information from China will continue to increase purchases of aluminum, and will be able to slightly raise prices. However,...
In order to secure EUR 10 billion bailout fund, the parliament of Cyprus is trying to find a solution to complete EUR 5.8 billion worth of financing, easing market worries. A weaker US dollar helped commodity prices rebound during the European session last Friday. LME aluminum rose to test resistance at the 10-day moving average after tumbling to the lowest for the year at USD 1,915/mt, but met resistance at USD 1,950.8/mt. Finally, LME aluminum closed 1.14% higher at USD 1,949/mt. Latest LME aluminum inventories increased 200 mt to 5,230,025 mt. Worries over the European debt crisis temporarily eased. LME aluminum should struggle at USD 1,950/mt and fluctuate in the band of USD 1,930-1,970/mt on Monday. SHFE 1306 aluminum contract prices are expected to open higher at RMB 14,730/mt, with...
An update on the attempt to reach a compromise between Big Rivers Electric and Century Aluminum leaves continuing negotiations. A bill to allow Century Aluminum to buy electricity from the state is also in limbo in the Kentucky legislature with time running out. Big Rivers says the ball is now in Century Aluminum's court. "We're still talking to Century," says Marty Littrel. "They were curious of some 'must run' costs for our Coleman plant actually. We provided them that data and we're just waiting to hear back from them." This session of the Kentucky General Assembly wraps up next week and then both parties may know more about what happens next.
Aluminium prices are unlikely to bounce back in the near-term as capacity surpluses continue to exert downward pressure, despite major global producers resorting to cuts. From a medium-term perspective, a dip in automobile purchases amid renewed economic uncertainty in Europe and a slowdown in imports by China are expected to result in demand growth deceleration over the next few years. Aluminium smelters globally are expected to operate at 84 per cent capacity in 2013, with production pegged at 47.6 million tonnes (mt) during the year, as against capacity of 56.9 mt a year. This translates into greater curtailment of production than in 2012, when production stood at about 46.2 mt from operational capacities amounting to 54 mt a year. In addition to primary aluminium, recycled metal...
US Bankruptcy Judge Mary Walrath was expected to approve on Thursday an agreement that sets the stage for a possible May 13 auction for the assets of US aluminum producer Ormet, which filed for Chapter 11 bankruptcy reorganization in Delaware on February 25. Patrick Burns, a Cincinnati-based attorney who represents Hannibal, Ohio-based Ormet, said in an interview that a deal was reached on Wednesday among parties in the case on terms of the court-sanctioned bidding process. Burns said the proposed accord was submitted to the judge and approval was anticipated before the end of Thursday. The agreement resolves objections of Ormet's unsecured creditors, who had complained the proposed bidding procedures were tilted unfairly in favor of Wayzata Investment Partners LLC, which has agreed to...
As depressed light metal prices continue to batter the global aluminium industry, China’s State Reserves Bureau, Beijing’s stockpiling agency, plans to buy up to 300kt of aluminium for delivery between April 1 and May 31. China acounts for 40% of global aluminium output and the move by the SRB, while unlikely to have any effect on metal prices, could help to keep Chinese smelters in business and that, ironically, will perpetuate the oversupply situation that has been adversely affecting the industry worldwide and forcing aluminium producers to cut capacity. Chinese prices have, however, gained 1.9% on the Shanghai Futures Exchange, but industry watchers claim the move is designed solely to support China’s domestic market. AZ China’s managing director Paul Adkins said the move changes...
The day’s biggest mover was the cash price of primary aluminum which dropped by 2.5 percent on March 19, 2013 to close at $1,895 per metric ton on the LME. The aluminum 3-month price saw a 2.3 percent decline on the LME to $1,938 per metric ton. Following a two-day drop, the cash price of primary Indian aluminum increased by 0.3 percent. Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap saw little movement. Chinese aluminum billet stayed flat. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row. The Chinese aluminum cash price saw little movement yesterday.
Qatalum has signed an agreement with Qatar University’s Centre for Advanced Materials to create a faculty chair position. The Qatalum/Hydro faculty chair in aluminium will be a three-year position, with the relevant person based at CAM, developing applied research programmes related to aluminium applications and their end-use. They will also be required to establish and develop close collaborations with universities across the world, which are leading the way in this field of materials science. CAM already has strong bilateral ties with the Norwegian University of Science and Technology. CAM Director Dr Mariam al-Maadeed, Qatalum CEO Tom Petter Johansen, Deputy CEO Khalid Laram and Hydro vice president Hilde Aasheim announced the partnership at QU in the presence of Dr Sheikha al-Misnad,...
Business life and political relationships are inextricably linked in Russia. None of Russia’s oligarchs would have got where they are without political connections, and much as they project the image of international corporate businessmen, none of them would survive today without the continuing support – or at least tolerance – of the Kremlin. So it was refreshing and a little surprising to hear Oleg Deripaska, head of Rusal, being quite so frank about the state of Russia. Rusal, and by extension Mr. Deripaska, were saved by the Kremlin on at least one, probably two, occasions in the recent past. The Kremlin leaned on Russian banks to extend critical loans to the firm in 2009 in the wake of the global financial collapse, and again recently they brokered a settlement between Mr. Deripaska...
One of today's stocks on the move is Aluminum of China, up 1.4% to $10.07. The Dow Jones Industrial Average is now trading 0.5% higher to 14,525 and the S&P is trading 0.5% higher to 1,557. In the past 52 weeks, Aluminum of China share prices have been bracketed by a low of $9.22 and a high of $13.29 and are now at $10.07, 9% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.2%. Based on a current price of $10.07, Aluminum of China is currently 4.0% above its average consensus analyst price target of $9.67. The stock should find initial resistance at its 200-day moving average of $10.83 and further resistance at its 50-day MA of $11.49.
Aluminium prices edged up by 0.53 per cent to INR 104.60 per kg in futures trade today as participants enlarged their positions, supported by a firming trend overseas. Strong demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in March inched up by INR 0.55, or 0.53 per cent, to INR 104.60 per kg in business turnover of 463 lots. Likewise, the metal for delivery in April traded higher marginally by INR 0.55, or 0.52 per cent, to INR 106.30 per kg in 38 lots. Marketmen said apart from increased domestic demand, a firming global trend helped aluminium futures to trade higher. Meanwhile, aluminium climbed 0.1 per cent to USD 1,939 tonne on the London Metal Exchange.
LME aluminium may end its current rebound around $1,958 per tonne and drop towards its March 18 low of $1,927.50. The rebound was triggered by a support at $1,936, the 161.8 percent Fibonacci projection level of a downward wave iii. It looks weak as it has adopted a corrective wave mode. A Fibonacci retracement analysis on the fall from $1,988 to $1,927.50 reveals a resistance at $1,958, the 50 percent level, a rise above which could possibly be capped at $1,965, the 61.8 percent level.
Century Aluminum Co. is moving its corporate headquarters from Monterrey, Calif., to One South Wacker in Chicago’s West Loop. Century, which has aluminium production facilities in Iceland, Kentucky, West Virginia and South Carolina, has signed a lease for 16,146 square feet of space on the building’s 10th floor. Jones Lang LaSalle Managing Director Paul Petricca and Senior Vice President Melissa Rubenstein completed the transaction on behalf of the building’s owner, Norfolk, Va.-based Harbor Group International, which acquired the 40-story, 1.2-million-square-foot building from TIAA-CREF in December. “This is our first new lease since purchasing One South Wacker and we are confident that it will be the first of many,” said Jordan Slone, chairman and CEO of Harbor Group International....
Two large aluminium companies, Alcoa and Norðurál, that have been operating in Iceland for years, have paid close to no corporate tax (sometimes referred to as income tax) over the past years. Alcoa for example has not paid a cent (or Icelandic króna) in corporate tax since the company was founded in 2003. However, the government has been criticized through the years for supposedly selling the electricity very cheap (suspiciously cheap even). The price that the aluminum companies pay for the electricity was even a top secret for many years, but that secrecy has thankfully stopped. It has also been proven that Icelanders are not as interested in taking the new jobs in the aluminium factories as everyone had hoped. Many of the factory workers are actually imported foreigners. According to...
The preliminary March manufacturing PMI from China and the US rose appreciably, but this was offset by contraction in manufacturing activity in Germany and France and uncertain aid package in Cyprus. As a result, LME aluminum retreated from the 5-day moving average, with its low-end price sinking to USD 1,918.8/mt, a new low for the year. Finally, LME aluminum closed 0.82% lower at USD 1,927/mt. Latest LME aluminum inventories increased 12,400 mt to 5,229,825 mt. Aluminum prices should drop amid renewed European debt crisis. LME aluminum should test support at USD 1,900/mt and fluctuate in the band of USD 1,900-1,945/mt on Friday. SHFE 1306 aluminum contract prices are expected to open lower at RMB 14,700/mt, with prices between RMB 14,620-14,720/mt. In spot markets, traders will be eager...
Aluminum prices, down 6.5 percent this year, probably will extend the slump to the lowest since October on the London Metal Exchange, according to technical analysis by Matt McKinney at Zaner Group LLC. After touching a low of $1,934.85 a metric ton on March 11, prices jumped two days later to $1,996.25, creating a so-called bear flag pattern that signals a drop by the end of this month to $1,887, the lowest since Oct. 29, McKinney said. A bear flag, named for its resemblance to an inverted flag on a pole, occurs when a security is declining, pauses and consolidates, and then continues its drop. “There was a valiant effort to get prices back up, but sellers came in heavy the past few days,” McKinney said in a telephone interview from Chicago. “There’s considerable momentum to the downside...
Montana’s two U.S. senators have asked the Environmental Protection Agency to study whether contamination at a closed aluminum plant poses a risk to the community or to businesses that might want to move to the site. The move by Sens. Jon Tester and Max Baucus apparently ends their effort to help reopen the Columbia Falls plant that once employed about 1,500 people. Swiss-based commodities trader Glencore AG purchased the Columbia Falls Aluminum Co. plant in 1999. It has been shuttered since October 2009, when 88 people lost their jobs. The two Democratic senators have worked with Glencore and Bonneville Power Administration to get a power contract that might allow the plant to reopen. The company has cited volatile metal markets and power prices as reasons for the continued closure....
Having smoothed over differences with two key creditors, aluminum smelter Ormet Corp. on Thursday submitted final versions of its Chapter 11 bidding procedures and $90 million debtor-in-possession financing package, which enshrines private equity firm Wayzata Investment Partners LLC as the stalking horse bidder, for a Delaware bankruptcy judge's approval. Earlier iterations of the $90 DIP facility and the auction procedures had come under fire from the Pension Benefit Guaranty Corp. and Ormet's committee of unsecured creditors. Despite fruitful discussions the parties hadn't been able to hammer out final forms of order ahead of a Wednesday hearing, but said they had reached agreements in principal, according to court documents. U.S. Bankruptcy Judge Mary F. Walrath signed off on the bid...
