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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Vedanta-controlled Bharat Aluminium Company Limited (Balco) is heading for a fresh trouble as a complain petition has been filed in the court seeking investigation into the land given to it by the Chhattisgarh government allegedly at a throw away price. The complain petition under section 156(3) of the Criminal Procedure Code (CrPC) read with section 200 has been filed in the court of First Class Magistrate B P Varma here in Raipur district court. The petition has been filed by former minister and senior Congress leader Bhupesh Baghel. “In the complain, we have sought to register an offence against chief minister Raman Singh, the then chief secretary P Joy Oommen and Chief Executive Officer (CEO) of Balco Gunjan Gupta besides probing the land deal that has caused huge loss to the state...
The US dollar index was pressured at 83 as a string of weak economic data from the United States – new unemployment claims climbed sharply, NAR existing home sales dropped 5.4% after seasonal adjustment, the Philadelphia Fed manufacturing index weakened further to negative 12.9 – and increasing downside pressure on the Chinese economy caused monetary easing expectations to heat up. LME aluminum closed up USD 35.8/MT or 1.88% at USD 1,941/MT, down slightly from USD 1,946/MT, its intraday high. Aluminum inventories at LME-bonded warehouses dropped 5,950 MT to 4,802,550 MT. Expectations for stimulus in China, the United States as well as other nations will help aluminum prices stabilize. LME aluminum is expected to test support at the 30-day moving average after returning above the price....
Australia's former ambassador to China Geoff Raby has called Rio Tinto Ltd.’s Chinese bribery scandal a breach of "corporate governance," the first time he has commented on the issue nearly one year after stepping down from the diplomatic post, according to The Australian. "I will always be a bit constrained in what I can say about that," Geoff Raby told The Australian. "I learned a lot, it was a very challenging period for a while. More than anything else, the lesson I took from that was one of corporate governance." Rio Tinto, based in Melbourne and London, is one of China's top providers of iron ore and a key industry negotiator in commodity price talks with the government. Australian Stern Hu and three Chinese colleagues, employees of Rio Tinto, pleaded guilty at the Shanghai No.1...
Dani Commodities has come out with its report on MCX Aluminium, Gold, Silver, Copper, Lead, Zinc, Nickel, Crude Oil and Natural Gas. According to the research firm, Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg. Aluminium buoyed by 0.5% or Rs 0. 5 at Rs 104.7 per kg on Wednesday, 18 July and tested an intraday high at Rs 105 per kg and low at Rs 104.1 per kg. Aluminium was in downtrend since June 2012 and ended tad higher on Wednesday bolstered by some bargain hunting with 12% dip in its open interest to 9809 lots. The contract traded below 9-day EMA and RSI stood at 42.07. Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg. At...
Alcoa City Commission thinks the campaign to raise the sales tax 0.5 percent to pay for a new high school is going well. Progress was also reported on recruiting a major retailer for the West Plant property. “My gut feeling is that it’s going to happen,” said Alcoa City Manager Mark Johnson at his commission briefing Thursday afternoon. The commission had Blount County Election Commission put the issue of whether to raise the sales tax in Alcoa on the Aug. 2 ballot. “I talked to several people from St. Ives and Andover subdivisions and every one of them said they’re going to vote for it. They said it’s better than a 40-cent property tax increase,” said Commissioner Vaughn Belcher. “The education people are really working hard on this — making phone calls and visits,” said Commissioner Ken...
Copper and select aluminium prices recovered modestly in an limited non-ferrous metal market here today on fresh stockist buying amidst good demand from industrial users influenced by higher London Metal Exchange (LME) cues. The industrial metals rose at the LME following stronger housing data from the United States and China. Copper sheet cutting gained by Rs 4 per kg to Rs 466 from overnight closing level of Rs 462 and Copper scrap heavy moved up by Rs 3 per kg to Rs 477 from Rs 474, respectively. Copper cable scrap and copper wire bar edged up by Rs 2 per kg each to Rs 485 and Rs 513, respectively. Copper armature and aluminium utensil scrap both inched up by Re 1 per kg to Rs 444 and Rs 114, respectively.
Aluminum Corporation of China Limited, also known as Chalco, is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts aluminate to produce primary aluminum. The company suffers from industrial commodities low prices. From a fundamental viewpoint, the group is in a bad financial situation. The company is worrying with an important debt level. Leverage is at 8.13x for the current year. Analysts have recently downgraded their forecasts for earnings per share, with EPS close to 0 for this year. This indicator is often a precursor of a declining profitability and a worsening climate of investor confidence. Technically, the share is in a downward trend. The moving averages are decreasing and are still above prices, thereby stopping any...
Reuters reports that the United Arab Emirates will be the first gulf state to start construction of a commercial nuclear power plant in the region. The UAE has committed itself to this energy path to avoid using increasingly scarce natural gas supplies for electricity generation, water desalinization, and industrial development. The UAE has deposits of bauxite which it wants to convert into a finished aluminum goods industry for exports. Smelters and fabrication centers will be significant users of power. The UAE Federal Authority for Nuclear Regulation (FANR) said in a statement that the license had been granted and allows ENEC to construct two South Korean APR1400 advanced pressurized water reactors. Emirates Nuclear Energy Corporation (ENEC) has been granted a license to construct two...
Rio Tinto Alcan has been given the green light to complete the construction of the second tunnel at Kemano power station site. Spokesperson Colleen Nyce says operations stopped last week because the company had not received its full approval of the final water licence amendment. "Rio Tinto Alcan is pleased to confirm the provincial government's endorsement for the amendment for the final water licence. We can now expedite a return to a full construction on the back up tunnel project this summer. This ensures that the schedule will not impact the KMP start up." Nyce says the tunnel will be used as a backup power source. Workers will go back tomorrow.
On July 18, 2012 BNP Paribas Arbitrage has bought 69,000,000 shares of Future Ventures India at Rs 9.50 on the BSE. However, The Madras Aluminium Company limited sold 57,921,364 shares at Rs 9.50 on the BSE. At 13:55 hrs the share was quoting at Rs 8.70, down Rs 0.13, or 1.47%. It was trading with volumes of 33,090 shares, compared to its 5-day average of 14,284,647 shares, a decrease of -99.77%. In the previous trading session, the share closed down 4.13% or Rs 0.38 at Rs 8.83. The company touched its 52-week high Rs 10.05 and 52-week low Rs 7.80 on 26 Jul, 2011 and 07 May, 2012, respectively. Currently, it is trading -13.43% below its 52-week high and 11.54% above its 52-week low. Market capitalization stands at Rs 1,371.33 crore.
Singapore aluminum premiums are holding steady at high levels amid thin trading as consumers limit their purchasing activity due to slow seasonal demand for end products. Premiums to London Metal Exchange three-month aluminum prices are stable around $170 a metric ton, level for the last two weeks, but up from $135-$140/ton in mid-June and sharply higher than $90-$100/ton four months ago, traders in Singapore said. Premiums have stabilized following sharp increases since the start of the year as manufacturing activity declines during the seasonally slower July-August period, traders said. "A couple of weeks ago, there was a bit of panic buying from Japan, but the consumers there are now covered and the buying seems to have abated," a Singapore-based physical aluminum trader said. The...
Aluminium buoyed by 0.5% or R 0. 5 at R 104.7 per kg on Wednesday, 18 July and tested an intraday high at R 105 per kg and low at R 104.1 per kg. Aluminium was in downtrend since June 2012 and ended tad higher on Wednesday bolstered by some bargain hunting with 12% dip in its open interest to 9809 lots. The contract traded below 9-day EMA and RSI stood at 42.07. Aluminium is likely to find support at R 104.1 per kg and R 103.6 per kg and resistance at R 105.2 per kg and R 105.5 per kg. At LME, Aluminium erased previous session losses and plunged by 1.2% at $1895 per tonne on Wednesday. The disappointment over Federal Reserve additional stimulus hopes conspired with the festering European debt crisis on German Chancellor Merkel's comments led the metal to slump down. But, the constructive...
Reuters reported that Standard Bank lowered its outlook for average prices for aluminium, copper and nickel in 2012, while raising the estimate for zinc. The bank cut its 2012 aluminium forecast to USD 2,110 per tonne on average from USD 2,140 per tonne and its 2013 forecast by USD 55 to an average of USD 2,225 per tonne, saying production cuts were yet to emerge in spite of weak prices as higher premiums continue to encourage production capacity to remain on-line.
India's state-run National Aluminium Co (NALCO) said on Thursday it has sold 12,000 tonnes of Aluminium ingots at close to $223 per tonne premium over the average LME cash price on a cost, insurance and freight (CIF) basis. The metal will be shipped to a European buyer in six batches of 2,000 tonnes each from August to January, NALCO's commercial director Ansuman Das told Reuters. NALCO, whose tenders serve as a global benchmark, last sold 8,000 tonnes of Aluminium ingots at about $203 per tonne premium over the average LME cash price on a CIF basis to a European buyer last month.
A dedicated website has been launched to keep people informed about the closure process at Northumberland’s biggest private sector employer. Rio Tinto Alcan (RTA) has created it so that the public and local stakeholders can stay up to date with the lengthy; closure de-commissioning and legacy work at the 512-job Lynemouth Aluminium smelter. The website” www.rtalynemouth. co.uk” will be regularly updated with the news and developments, and also features a Twitter feed, media section and what’s on area. Visitors will find a helpful Q&A section, as well as details of what type of legacy projects the company would like to support. RTA is inviting applications from local groups and organizations for grants towards the cost of projects which will create a lasting legacy and benefits for...
Sesa Goa Limited, a subsidiary of Vedanta group, has written to the state government seeking to lift ban on transportation of iron ore during monsoon, which has resulted in drying up of their raw material required to run two of their plants. In a letter to District Collector (South) N D Agarwal written this week, Sesa Goa said they will have to shut down both the Pig Iron Plant (PIP) and metallurgical coke plant situated in Amona village of Bicholim taluka and lay-off workers as their raw material is drying up. Both the plants require 3,200 tonnes of iron ore daily to run their operation, the company has said, demanding permission to ply 1,000 trucks daily between their mining site at Codli in South Goa and Amona, where the plants are located. The letter has mentioned that total 780...
Union officials say they are in talks with management over redundancies at the Anglesey Aluminium plant. The smelting operation closed at the works at Holyhead in 2009 with the loss of nearly 400 jobs. About 110 staff have continued to work at the site as part of a decommissioning process and its remelt business. The company said talks with staff and unions had began as decommissioning was to be completed by September. A spokeswoman said the job cuts of about up to 40 staff would be from across the business as the company looked to make its remelt business stand alone. John Hamilton from Unite said the situation was expected as decommissioning cam to an end at the plant. He said that more talks were due to be held on Friday with the company, adding that the numbers of jobs affected have...
The earthquake in Japan in March 2011 will have a significant bearing on the country's metals industry for years to come. In the short term, the disruption halted production at several copper and aluminium refineries. It is also set to hurt demand as the economy has now slipped back into recession. However, we expect demand and supply of metals to pick up as reconstruction efforts continue. Steel and aluminium are the two sectors most likely to benefit as much of Japan's infrastructure around the epicentre of the earthquake has been damaged. Over the long term we expect production and consumption trends to fall back to low single figures, in line with growth forecasts for the Japanese economy as a whole. Japan remains one of the largest producers and consumers of these metals, but faces a...
