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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Market is worried that QE3 may end ahead of schedule, causing LME aluminum to slid to USD 2,034.3/mt in early European session, its lowest since November 29, 2012. As market aversion faded later, the US dollar index plummeted, attracting longs to buy metals at lows. As a result, LME aluminum staged a strong rally and recovered earlier losses. Finally, LME aluminum closed USD 6.8/mt or 0.33% higher at USD 2,072.8/mt. Latest LME aluminum inventories decreased 3,725 mt to 5,213,525 mt. Aluminum is expected to trade in a tight range due to a lack of market direction. LME aluminum should test support at USD 2,050/mt and fluctuate in the band of USD 2,040-2,080/mt on Tuesday. The SHFE 1303 aluminum contract is expected to open at RMB 15,300/mt, with prices between RMB 15,250-15,350/mt. Traders...
Emirates Aluminium (EMAL) has won a Health and Safety award from the Gulf Aluminium Council (GAC) for its Environmental, Health and Safety resulting in EMAL's industry-leading record of 10 million work hours without a Lost Time Incident (LTI). EMAL's EHS Leaders programme involves embedding EHS into the everyday work ethic at the Al Taweelah smelter. EMAL instigated the role of EHS Representative into every department and on every work shift. For the year 2010 - 2011, 41 employees were selected and assigned to the roles and received coaching and development, had their performance assessed and met regularly to share ideas and recommend improvements to the work environment. In 2011 the scheme was expanded with additional 59 new EHS Representatives. So far 110 (4.6% of the total workforce)...
Aluminium futures for February edged lower by 45 paise, or 0.39%, to Rs 113.85 per kg, in 59 lots at the Multi Commodity Exchange today. The January contract fell by 40 paise to Rs 112.85 per kg in 447 lots. Weak trend at the London Metal Exchange affected aluminium futures prices here.
Equity Bulls expects unexpectedly weak results from both Sterlite and HZL for Q3FY13E despite better LME realizations on both YoY and QoQ basis and this could surprise the street negatively in our view. They expect subdued results on account of: i) higher proportion of custom smelting volumes in HZL for lead & silver (~18-20% custom volumes in refined sales) and low refined zinc volumes (flat QoQ at 1.65 lakh tonne), ii) lower merchant power volumes from SEL (down by ~14% QoQ at 1.66bn units) due to continuation of evacuation issues, iii) higher losses from VAL operations due to low captive alumina & bauxite availability and negative forex fluctuations and iv) higher depreciation and negative impact of rupee depreciation resulting in reduced PAT on a group basis for Sterlite. The stock...
Aluminum P1020 market players remain mixed over how the resolution of the fiscal cliff standoff will impact markets in 2013. Although global markets reacted favorably to Congress avoiding falling off the cliff - the London Metal Exchange three-month aluminum price bumped up 3.6 percent to $2,145.50 per tonne Thursday from $2,071.50 on Dec. - sources are skeptical this trend will continue, maintaining that issues such as spending and the debt ceiling still need to be resolved. "I don’t think the fiscal situation has been solved. They only covered taxes; they haven’t covered spending, and that has to be addressed," one trader told AMM. Although equity markets reacted favorably Wednesday, this does not mean U.S. markets are out of the woods yet, a second trader said. Although demand could...
Bearish sentiment will continue to dominate the aluminum market. LME aluminum should be capped under USD 2,085/mt and fluctuate in a band of USD 2,050-2,085/mt on Monday. The SHFE 1303 aluminum contract is expected to open lower at RMB 15,270/mt, with prices between RMB 15,220-15,320/mt. Trading will gradually resume in spot aluminum market, with spot discounts expected between RMB 50-90/mt. Demand for post-holiday stock replenishment will likely increase trading volumes.
Alcoa will kick off this quarter’s earnings season when it announces its Q4 results after the market closes on Tuesday, January 8. Alcoa’s results are closely eyed as it usually is the first Dow company to post earnings. We expect the company to record soft earnings, but most investors will watch for any cues on its outlook. Aluminum prices and demand remain sluggish due to global economic conditions. Also, aluminum inventory continues to remain high relative to demand, keeping a further lid on London Metal Exchange prices for aluminum. In December, the rating agency Moody’s put Alcoa’s debt rating on review for a possible downgrade citing a challenging operating environment and a fall in aluminum prices this year. According to Moody’s, aluminum prices are not expected to show significant...
The Indian aluminum cash price saw the largest upwards shift on the weekly Aluminum MMI®, rising 2.4 percent on MetalMiner’s pricing service. The cash price of primary aluminum rose 2.3 percent on the LME to $2,093 per metric ton after falling 1.3 percent during the previous week. The aluminum 3-month price rose 1.7 percent on the LME to $2,127 per metric ton after falling 0.6 percent during the previous week. Chinese aluminum billet rose by a slight 0.3 percent. The Chinese aluminum cash price remained unchanged for the week. Chinese aluminum bar traded sideways last week as well. European 5083 aluminum plate saw its price rise 1.7 percent over the past week. Even the price of European 1050 aluminum increased by a slight 0.5 percent. Following a steady week, prices for Korean 3003 coil...
National Aluminium Co Ltd (Nalco) in the Month of January 2013 commissioned its first wind power project at Gandikota in Kadapa district of Andhra Pradesh. Nalco which is the Government-owned manufacturer and distributor of aluminum products had invested around 275 crore rupees for the 50-MW Suzlon-erected project. Nalco signed a power purchase agreement with the State’s power transmission utility Transco and has begun inoculation of power to the State grid. The windmill project had received clearance from the Ministry of Forests and Environment. Also, setting up of the second wind power is on the line which is supposed to be of 50 MW, and will be situated in Jaisalmer district of Rajasthan. The cost of this project is estimated to be around 190 crore rupees. Nalco, a large thermal power...
Aluminium Bahrain B.S.C. (Alba) was able to achieve another landmark by setting the record in production in 2012. Alba's 2012 production of 890,217 metric tonnes per annum (mtpa) was a jump of 8,907 metric tonnes from the 881,310 mtpa produced in 2011. A ceremony to mark this accomplishment was held at the HRH Princess Sabeeka Oasis on Thursday, January 3, 2013. It was attended by Alba's Chief Executive, Tim Murray, Chief Operations Officer, Isa Al Ansari, Acting Chief Finance & Supply Chain Officer, Ali Al-Baqali, Chief Support Functions Officer, Basem Al-Sharqi, Chairman of Alba's Labour Union, Ali Al-Binali as well as other senior officials. Commenting on this milestone, the company's Chief Operations Officer, Isa Al-Ansari, said, "Alba's achievement was made possible by its dedicated...
Mytilineos Group subsidiary Aluminium S.A. has signed with Swiss-based multinational Glencore a contract for the sale of 75,000 tons of aluminium in billets and slabs, for a total price of $200 million. These quantities will be exported to the European and US markets from January 2013 to June 2014. After its recent acquisition of the Xstrata multinational giant, Glencore today ranks as one of the three largest metallurgy and mining companies in the world. This contract confirms the Group’s strong export orientation and stresses the important role of the aluminium industry in Greece, where it contributes more than 80% of the added value of Greek finished products that are exported abroad. Finally, Group exports for 2013 are forecasted at 80-90% of the Group’s total sales, with the...
Century Aluminum shares are trading on heavy volume today, having risen 7.5% to $9.41. About 1.2 million shares have been traded today, as compared to the 30-day average volume of 801,000 shares. Unusually high volume can signify a potential turning point or validate a breakout. Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the operating partner of a reduction facility in Hawesville, Kentucky. In the past 52 weeks, shares of Century Aluminum have traded between a low of $5.52 and a high of $11.30 and are now at $9.41, which is...
State-owned National Aluminium Company (NALCO) gained as much as 4.55 percent to touch an intraday high of Rs 51.65 on Wednesday as media reports suggest that the government is looking to divest a little more than 12 percent in the company in February, depending on the company's financial performance in the third quarter. At 13:02 hours IST, the stock rose 3.74 percent to Rs 51.25 amid heavy volumes on the Bombay Stock Exchange. Trading volumes increased 102 percent to 1,15,372 equity shares as compared to its five day average of 57,073 shares. For the year ended March 31, 2012, the company reported net profit of Rs 849.50 crore on sales turnover of Rs 7,038.23 crore.
Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Silver March Contract is looking slightly negative for the day. Market may find support near 57750 & 57200; intraday resistance can be seen near 58200 & 58700. Day traders can sell intraday on rise. Metals: Base metal futures on the MCX were largely flat in thin trade, as encouraging news of a likely breakthrough in the US fiscal cliff talks was offset by a firm rupee. Other metals were faring better, but only marginally, with aluminium and zinc up 5 paise each, and nickel up 20 paise from Monday's close. MCX Aluminium January contract is looking positive for the day. Market may find support near 112.40, 111.50, intraday resistance can be seen near 113.70 & 114.80 Day...
Students from Shaikh Khalifa bin Salman Technology Institute were one of the educational establishments that visited the Alba plant in the second half of 2012 as part of their educational tour. Aluminium Bahrain B.S.C ( Alba )'s status as both an industrial powerhouse and a flagship of Bahrain's non-oil sector provided a rallying point to groups of school students visiting the plant in the second half of 2012 as part of their educational excursion. The students were from various schools in Bahrain and visited Alba between the months of October and December. The school visits were part of Alba 's drive to promote aluminium as a career option for Bahrain's youngsters as well as offer them insights into what values enabled the company to transform itself into one of the world's leading...
The Confederation of Norwegian Enterprise (NHO) believes more power cable between Norway and the rest of Europe can make it more favorable to invest more in aluminum production in Norway. Norway could become Europe's green battery, said NHO. But it requires a comprehensive energy policy - and multiple power cables to other countries. - Norway can play a key role as the green battery, which provides much needed balance power in Europe, says Peter Haas Brubakk, director of nutrition policy at the Confederation of Norwegian Enterprise (NHO). - But it requires a comprehensive energy and climate policy. It needs to look different energy sources in context, and also to see far beyond the borders, he added. If the EU is to meet its climate targets, it requires an aggressive investment in...
The Western Australian Government has launched a prosecution case against an alumina refinery owned by Alcoa for allegedly breaching its operating licence. The Department of Environment and Conservation alleges in May 2011, dust from the company's plant in the South West town of Wagerup spread beyond the boundary of the refinery. The Department says Alcoa faces a possible $125,000 fine. The matter will be heard in the Mandurah Magistrates Court in March.
On Dec. 28, 2012, the day’s biggest mover on the aluminum price index was the cash price of primary Indian aluminum, which saw a 0.6 percent decline. Following a quiet couple of days, the 3-month price of aluminum fell 0.5 percent last Friday on the LME to $2,081 per metric ton. Also on the LME, the primary aluminum cash price saw little change in its price last Friday at $2,043 per metric ton. Chinese aluminum bar, billet, cash and scrap prices closed flat for the day.
