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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The preliminary manufacturing PMI for January in China, euro zone and the US, released yesterday, all hit a two-year high. The US new weekly jobless claims fell to a five-year low. These figures signal global economic recovery. However, upbeat data also means that existing stimulus policies may end early and makes it less likely that more easing policies will be introduced. Market reactions are mixed. In this context, LME aluminum fell back after hitting high, hovering around the30-day moving average. Finally, LME aluminum closed at USD 2,070.5/mt, down 0.31%. Latest LME aluminum inventories decreased 3,450 mt to 5,164,150 mt. Expanding manufacturing activities both home and abroad will help aluminum prices stabilize. LME aluminum should continue to struggle USD 2,070/mt and fluctuate in...
Current Aluminum Prices On Jan. 22, 2013, the day’s biggest mover on MetalMiner’s aluminum price index was the LME cash price of primary aluminum, which saw a 1 percent decline to $2,000 per metric ton. After improving for two days, the aluminum 3-month price declined 0.8 percent on the LME to $2,040 per metric ton. The Indian aluminum cash price weakened by 0.6 percent. Chinese aluminum prices closed flat for the day.
Hudson Resources announced its update on the metallurgical testwork program for aluminum leaching extraction from its White Mountain anorthosite (calcium feldspar) project in Greenland. The testwork is being undertaken at SGS Canada Inc.'s Lakefield facility under the direction of Hudson's consulting metallurgist, John R. Goode, P.Eng. Aluminum recoveries ranged from 89.7% to 93.7%. The highest recovery was achieved at a temperature of 110 Celsius and an HCl strength of 30%. The White Mountain anorthosite rock averages approximately 30% aluminum oxide (Al2O3) and 1.25% iron oxide (Fe2O3). Downstream testwork on leach solutions is ongoing and includes aluminum chloride precipitation, alumina production and acid regeneration testing. Once this testwork is completed, Hudson will initiate a...
Chinalco Mining Corporation International raised about $397 million in an initial public offering in Hong Kong, two people with knowledge of the matter said. The unit of China’s biggest aluminum producer sold about 1.76 billion shares at HK$1.75 apiece, the people said, asking not to be identified because the information is private. The shares were offered at HK$1.52 to HK$1.91 each, according to a prospectus for the IPO. Chinalco Mining is raising funds with the Bloomberg World Mining Index down about 7.4 percent in the past year amid expectations of slowing growth in China, the world’s largest consumer of copper and iron ore. The company sold $240 million of shares, or more than half the total, to five cornerstone investors, including Rio Tinto Group (RIO) and Trafigura Beheer BV, the...
China’s average daily aluminum output rose to a record 56,800 metric tons in December, according to data from the International Aluminium Institute. “This is a record high for China,” Nadine Faldo, a manager for safety and statistical reporting, said by e-mail today. Output increased 2.5 percent from 55,400 tons a day in November and 17 percent from 48,400 tons a day in December 2011, the IAI data showed. China’s aluminum production rose to 1.72 million tons in December from 1.66 million tons in November, the National Bureau of Statistics said today. Aluminum for three-month delivery rose 0.9 percent to $2,095 a ton by 4:25 p.m. on the LME. The metal gained 2.6 percent last year. The metal is bracing for the biggest glut since 2009, with supply expected to outpace demand by 1.79 million...
Aluminium prices should improve slightly this year, despite an expected surplus of the metal and the likelihood of overproduction in the years ahead, Deutsche Bank said in its quarterly commodities review. Aluminium posted a spot return of about zero last year, the bank said. The aluminium market is in contango, when the price of a forward or futures contract trades above the current spot price. Deutsche Bank said the normal price signals for aluminium were being distorted by so-called financing deals, which involve speculators warehousing the metal and entering forward selling contracts. Such deals in part reflect extremely low interest rates in Europe and the United States. With very low interest rates, market players can sell forward aluminium at a higher price than the costs involved...
The House of Representatives passed a bill to extend the debt ceiling deadline by an additional 3 months through voting on Wednesday. This move eased market apprehension and helped LME aluminum hit a high of USD 2,101.3/mt during the European session. However, uncertainty over debt ceiling issues in the US remains and the IMF lowered its forecast for global economic growth for this year the next by 0.1%, causing longs to liquidate at higher prices. As a result, LME aluminum plunged at the tail of trading and gave backer some of the earlier gains. Finally, LME aluminum finished at USD 2,077/mt, up 0.29%. Latest LME aluminum inventories decreased 3,800 mt to 5,167,600 mt. Markets will be cautious ahead of the release of HSBC China’s flash PMI for January due today. LME aluminum should hover...
Aluminium futures prices rose by 0.46 per cent to Rs 109.95 per kg today as speculators enlarged positions, supported by a firming trend at the spot markets on strong demand even as metal weakened in the global markets. At the Multi Commodity Exchange, aluminium for delivery in January up by 50 paise, or 0.46 per cent, to Rs 109.95 per kg, with a business turnover of 735 lots. Similarly, the metal for delivery in February traded 40 paise, or 0.36 per cent, higher at Rs 111.20 per kg, with a business turnover of 105 lots. Marketmen said a firming trend at the spot markets on the back of pick up in industrial demand helped aluminium to trade higher at futures market but metal's weakness at the London Metal Exchange, restricted gains.
Alba's sponsorship support for Aluminium Symposium 2013 marks the company's continuing commitment to engage with industry peers on global platforms in expanding aluminium's reach across diverse territories. Aluminium Symposium 2013 - organised by Platts, a leading global provider of energy, petrochemicals and metals information - concluded yesterday at the Hotel Del Coronado, San Diego in California. The theme of the symposium was "New Opportunities in Volatile Global Markets" and speakers representing some of the leading aluminium and metal companies in the world took part. "While the last few months have witnessed volatility in London Metal Exchange prices, the demand for the metal remains strong as more customers begin exploring the use of aluminium for their end products," said Alba...
PanAsialum, a major manufacturer of aluminium casings for Apple's iPad, plans to raise up to HK$1.22 billion from an initial public offering (IPO) in Hong Kong, the Shenzhen-based company said yesterday. Aluminium parts for various Apple products have increased their share of the firm's portfolio over the past two years. It also produces aluminium door and window frames and other products for architectural uses. Casings for iPads contributed 47 per cent of the company's revenues last year, up from 8.8 per cent in 2010. Revenue in the fiscal year to September 30 reached HK$2.44 billion, compared with HK$2.09 billion the previous year. Financial controller Yeung Chin-cheung said: "The robust growth in revenue is due to the fast growth in the electronics parts segment." PanAsialum sells the...
With global demand for aluminum estimated to increase and reach 70 million metric tons per year by 2020, GCC countries are all set to boost their production capacity to 5 million metric tons by 2014, up 40 percent from around 3 million tons in 2012, said Mohammed Bader-Eddin, the show director of the upcoming "Aluminum Middle East" expo which will be held from April 23 to 25 at Dubai International Convention and Exhibition Centre (DICEC). The GCC region has been a key aluminum producer and is set to account for 13 per cent of the world's total aluminum production by year end, driven mainly by aggressive investments in the region's aluminum industry, including construction of new smelters and the expansion of the pipeline network that has further reinforced the region's position in the...
BHP Billiton is likely to write down the value of its Australian aluminium and nickel assets by about $US4 billion ($3.8bn) next month, as the strong dollar and weak prices extinguish any hope of a rebound in returns in the short term. Analysts estimate the two businesses are likely to rack up losses of about $US600 million this financial year. BHP, the world's biggest mining company, yesterday delivered a sound first-quarter production report yesterday that showed strong performances across its major commodities businesses - iron ore, coking coal, copper and petroleum - and meeting most of a wide range of analyst expectations. The solid production report, which analysts said was not expected to significantly change market expectations of $US6bn in first-half underlying earnings, sent...
The US announced overnight that the Chicago Fed National Activity Index (CFNAI) for December and Richmond Fed manufacturing index for January both shrank and were well below expectations. What’s worse, US existing home sales also slid in December. Nevertheless, easing monetary policy introduced earlier by the Bank of Japan and the jump in the ZEW Indicator of Economic Sentiment in Germany in January did help offset discouraging economic data from the US. Debt ceiling talks in the US began Wednesday and it’s likely that a four-month extension of debt limit may be passed. Once passed, it will reduce the risk of default. In response, LME aluminum jumped to the 20-day moving average after breaking through USD 2,050/mt. Finally, LME aluminum finished at USD 2,071/mt, up 1.27%. Latest LME...
Tajikistan said its economy grew 7.5 percent last year, slightly faster than in 2011 and buoyed by remittances from migrant workers and growth in its mining industry despite a slump in key export, aluminium. More than two decades after the collapse of the Soviet Union, Tajikistan, which borders China and Afghanistan, is the poorest of the 15 post-Soviet republics and is a net importer of oil and gas. It relies heavily on aluminium and cotton exports, as well as remittances from the approximately 1 million of its 7.5 million citizens who live and work abroad, mainly in Russia. In nominal terms, Tajikistan’s gross domestic product (GDP) rose to 36.161 billion somoni ($7.6 billion) last year, the state statistics agency said on Monday. In the previous year the economy grew 7.4 percent....
Current Aluminum Prices The LME aluminum cash price rose 0.6 percent on Jan. 18, 2013, making it the day’s biggest mover on our aluminum price index. After two days of falling prices on the LME, it closed at $2,003 per metric ton. Following a two-day drop, the aluminum 3-month price increased by 0.4 percent on the LME to $2,040 per metric ton. The cash price of primary Indian aluminum declined 0.3 percent. Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum gained 0.2 percent. The price of Chinese aluminum scrap continues to hover in place for the fifth day in a row. After dropping for two days, the price of Chinese aluminum billet flattened as well. The price of Chinese aluminum bar saw little movement.
Brazil's primary aluminium production reached 1.436 million mt in 2012, down 0.3% from 1.44 million mt in 2011, according to figures released by the ABAL, the Associacao Brasileira do Aluminio. Output in December was 117,600 mt, down 5.5% from December 2011 production of 124,400 mt. For the full year 2012, Votorantim Metais saw its production rise 11.2% to 454,900 mt from 409,000 mt in 2011, according to ABAL figures. Other producers saw year-on-year production dip, however, with Albras down 2.5% at 446,700 mt, Alcao down 6.5% at 327,600 mt, BHP Billiton down 8.5% at 160,700 mt and Novelis down 1.3% at 46,500 mt.
Why does Alcoa of the US, the world’s third largest aluminium producer after United Co Rusal and Rio Tinto (takeover of Canadian Alcan gave it the volume) get so much attention in India this time of the year? Alcoa neither smelts the metal here nor has it got plans to build a smelter in India anytime in future. It, however, has a service centre here for customers using its offerings of high value products. Our industry officials from SK Roongta of Vedanta Aluminium to Ansuman Das of National Aluminium Company ( Nalco) will eagerly await Alcoa announcement of fourth quarterly results because of the global demand and supply guidance the company provides. Why only our industry officials, Alcoa, the first S&P 500 company off the block with annual results, is seen as the bellwether of the US...
Trading volumes in LME aluminum market dropped to 5,405 lots overnight as financial markets in the US were closed yesterday for the Martin Luther King, Jr. Day. LME aluminum prices failed to break through USD 2,050/mt and dipped to a low of USD 2,037.8/mt. Finally, LME aluminum finished at USD 2,045/mt, down 0.22%. Latest LME aluminum inventories decreased 11,275 mt to 5,177,475 mt. Aluminum prices will move within narrow ranges due to a lack of positive news. LME aluminum should repeatedly test resistance at USD 2,050/mt and fluctuate in the band of USD 2,030-2,060/mt on Tuesday. The SHFE 1303 aluminum contract is expected to open at RMB 15,160/mt, with prices between RMB 15,140-15,200/mt. Spot discounts are expected between RMB 90-130/mt due to ample supply against limited demand.
