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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Hydro Aluminium is ramping-up efforts to find jobs for employees at its Kurri Kurri aluminium smelter with 69 companies holding an employment expo on the site tomorrow. The smelter will close in the coming months putting about 350 workers out of a job. Hydro's Human Resources spokesman Trevor Hall says after its recent redundancy expo at the site, the company wanted to help its employees to find other jobs that suit their skills. "We've got 69 exhibitors and they will have something like 4,000 genuine vacancies on offer," he said. "So there are trades jobs, operator jobs, they're nominating when they are looking for accountants, staff people. "So it's a whole range of the kind of people who we've got in the company who are now redundant." Mr Hall says while there's about 4,000 positions...
India's National Aluminium Co (Nalco) is one of two companies planning to develop projects worth US$4.76M in Indonesia's second largest province of Kalimantan in Eastern Borneo. The projects in question embrace a railway system, a coal terminal, a steam power plant and and aluminium smelter. Nalco will oversee the development of the smelter, which will boast an annual capacity of 500kt, and the other projects will be undertaken by Rhas Al Khaima, a coal mining company based in the United Arab Emirates. It is understood that all of the projects will be completed by 2014, although M Chatib Basri, chief of Kalimantan's State Investment Co-ordinating Board (BKPM) has suggested that neither company has officially signed on the dotted line. They have signed separate 'memorandums of...
MENAFN reported that Qatalum's state of the art environment friendly smelting technologies will attract the attention of manufacturers and delegates attending 16th Arab International Aluminium Conference to be hosted by Qatar. Qatalum said that ARABAL 2012 will be held at the Grand Hyatt here in Doha from November 19th to 21st 2012 under the patronage of HE the Minister of Energy and Industry, CMD of Qatar Petroleum Dr Mohammed bin Saleh Al Sada. ARABAL is the premier trade event for the Middle East's Aluminium industry. The conference which will focus on the future of Aluminium and manufacturing industries market, technology and recycling, gives the Qatari smelter an opportunity to showcase its plant which has a production capacity of 585,000 tonnes of high quality primary Aluminium...
China’s first half GDP grew 7.8% YoY, which is in line with expectations and higher than the annul target. Loose monetary policies should be maintained. The much better-than-expected 0.1% MoM growth of June PPI in the United States further boosted investor confidence, pushing LME aluminum above USD 1,900/MT to close up USD 23/MT or 1.22% at USD 1,909/MT/. Positions added 8,480 lots to 720,551 lots. Strong resistance at the 10-day moving average had kept LME aluminum below. As investor confidence fades, aluminum will have limited upward space. LME aluminum is expected to test support at USD 1,900/MT and move within USD 1,890-1,920/ MT. The most active SHFE aluminum contract for October delivery should start higher near RMB 15,520/MT and struggle near the 5-day moving average as it hovers...
Aluminium prices may rise by up to 10% in 2-3 months to USD 2,000 per tonne due to subdued supply in the international market, Nalco Chairman B L Bagra said today. "The price of Aluminium should recover from the present level of USD 1,850 a tonne. In the next 2-3 months, it should cross USD 2,000 per tonne," Bagra told PTI on the sidelines of a conference here. Aluminium prices have remained subdued so far in this fiscal because of poor demand from all across the user sectors like transport, packaging and construction, which account for nearly 70% of the global 42 million tonne consumption of the metal. Condensed margins have forced a lot of Aluminium capacity to put on hold as the price of the metal is on the wane while the raw material costs are on the rise, Bagra said. "We were hoping...
Aluminum producer Nalco is in talks to buy Indonesia’s Ashan Aluminum (Inalum) for up to Rs 8,000 crore in what could be the largest overseas acquisition by a state-owned metal firm. A Japanese consortium holds a 59 per cent stake in Inalum, which owns a 2.1-lakh-tonne plant in the North Sumatra province, while the rest is with the Indonesian government. Sources privy to the development said the licence of the Japanese consortium to run the firm was coming to an end next year and the Indonesian government has invited the Indian PSU for discussions. Nalco has made a detailed presentation to a committee of the Indonesian cabinet, elaborating its plans to take Inalum further. It expressed the intention of running Inalum or acquiring any stake or both. Inalum was set up in 1976 as a joint...
One of today's notable stocks in decline is Noranda Aluminum (NYSE:NOR), down 2.4% to $6.53. The S&P is currently trading 0.6% lower to 1,334 and the Dow Jones Industrial Average is trading 0.3% lower to 12,569. Over the past year, Noranda Aluminum has traded in a range of $6.29 to $15.09 and is now at $6.53, 4% above that low. The 200-day and 50-day moving averages have moved 0.32% lower and 2.79% lower over the past week, respectively. There is potential upside of 106.7% for shares of Noranda Aluminum based on a current price of $6.53 and an average consensus analyst price target of $13.50. The stock should find initial resistance at its 50-day moving average (MA) of $7.99 and further resistance at its 200-day MA of $9.22. Noranda Aluminum Holding Corp is an integrated producer of...
Caution towards China’s second-quarter GDP data had fueled worries that consumption has remained sluggish so far, pushing the US dollar index to 83.829, a new high of this year. LME aluminum prices slipped quickly to USD 1,865.5/mt, a new low of this month. Bearishness slightly eased later, following a sharp drop reported in new unemployment claims in the United States, helping the light metal rebound to USD 1,886/mt, down 15.3/mt or 0.8%. Latest LME aluminum stocks were down 10,650 mt at 4,800,400/mt. The downgrade on Italian debt by Moody’s and expectations of soft second-quarter GDP data from China will weigh on aluminum prices. LME aluminum is expected to be pressured at USD 1,900/mt and move within USD 1,850-1,900/mt. The most active SHFE aluminum contract for October delivery should...
Noranda Aluminum was downgraded from Outperform to Neutral at Credit Suisse today. The stock closed yesterday at $6.70 on volume of 1.3 million shares, above average daily volume of 555,000. Noranda Aluminum Holding Corp is an integrated producer of aluminum products, as well as rolled aluminum coils. The Company produces aluminum products in the form of billets, rods and sows, used mainly for building construction, architectural and transportation applications. Noranda also produces foil and light gauge sheet products from its rolling mills. Noranda Aluminum (NYSE:NOR) has potential upside of 101.8% based on a current price of $6.69 and analysts' consensus price target of $13.50. Noranda Aluminum shares should first meet resistance at the 50-day moving average (MA) of $7.99 and find...
Shares of Century Aluminum (NASDAQ:CENX) traded at a new 52-week low today of $6.20. So far today approximately 2.9 million shares have been exchanged, as compared to an average 30-day volume of 1.2 million shares. Potential upside of 39.2% exists for Century Aluminum, based on a current level of $6.32 and analysts' average consensus price target of $8.80. The stock should find initial resistance at its 50-day moving average (MA) of $7.38 and further resistance at its 200-day MA of $9.02. 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...
Cape Town-based Air Compressor Engineering (ACE) was awarded a compressed-air supply contract in March by diversified resources group BHP Billiton for its Mozal aluminium smelter, in Mozambique. As an official representative of Italy-based air compressor manufacturer Mattei, it supplies original-equipment manufacturer (OEM) service kits and spare parts to the smelter operation, which runs over 20 Mattei 450 compressor units as part of the pot tending assemblies. “These units are currently undergoing a 36-month refurbishment air end replacement project,” says ACE manager Geoff Ellis. As with many other industries, the compressed-air sector has been negatively affected by market forces; however, as compressed air is widely used in most sectors, there has been a mixed impact, he states....
Following two days of increases, the cash price of primary Indian aluminum dropped by 1.7 percent to end as the day’s biggest mover on our daily aluminum price index on July 11, 2012. After a one percent increase, the 3-month price of aluminum finished the day on the LME at $1,922 per metric ton. The cash price of primary aluminum is back up, rising by 0.7 percent on the LME yesterday to close at $1,889 per metric ton. Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price declined 0.4 percent, while the price of Chinese aluminum billet fell 0.3 percent. For the fifth consecutive day, the prices of Chinese aluminum scrap and aluminum bar remained essentially flat.
Russia’s Foreign Ministry warned Nigeria on Thursday, of potential damage to bilateral relations and urged action against a court decision that stripped the world’s largest aluminium producer, Russia’s Rusal, of its core African asset. Nigeria’s supreme court ordered last week that Rusal, which owns 85 percent of the formerly state-run Aluminium Smelter Company of Nigeria (ALSCON), should cede its ownership, because the assets should have gone to another bidder, U.S. based BFI Group, when ALSCON was privatised five years ago. Rusal said the ruling was against Nigeria’s Bureau of Public Enterprises (BPE), which handled the privatisation and gave Rusal the green light to acquire the stake for $205 million in 2007. The decision would thus not affect its ownership of ALSCON, the company said....
Billionaire Oleg Deripaska was successful and "established" by the time he met rival oligarch Michael Cherney in 1994 at 26, his lawyers told a London court, arguing the magnate would not have needed his rival's support to build his aluminium empire. Lawyers delved into the early career of one of Russia's richest men on Thursday, in a case that has shone a spotlight on the often lawless 1990s after the collapse of the Soviet Union, as well-connected Russians jostled for privatised state assets and organised crime and "protection" groups became influential. Deripaska is fighting a claim from Cherney, an Israeli-based billionaire who says the two were partners and alleges he is owed a 13.2 percent stake in the now-listed RUSAL, the world's largest aluminium producer, of which Deripaska...
Aluminium Bahrain (ALBA) recently announced it first batch of 12 employees certified under the Six Sigma Green Belt Certification programme run by business process improvement specialist Rath & Strong. The company introduced the scheme as part of its phase one AlbaSmartWay initiative, which was activated in 2009 in an effort to improve competitiveness and enhance operational efficiency. The programme covered dross management, product mix, net billet recovery and pot room metal purity and employees were charged with the task of making savings of US$10M. The success of phase one has prompted phase two, called AlbaSmartWay Lean Six Sigma Wave 7. It involves 13 employees and embraces seven projects, approved by the ALBA board and designed to save the company in excess ofUS$10M. Logistics...
The apparent Fed disagreement on further economic stimulus reflected in its June interest rate meeting minutes pushed the US dollar index to 83.610, a two-year high, eroding the space for commodities prices to climb. LME aluminum dropped to a low of USD 1,895/mt as short selling increased, with total positions adding 2,596 lots to 710,109 lots. The light metal recovered slightly at the trading tail before closing down USD 8.8/mt or 0.46% at USD 1,901.3/mt, but was also the only metal that weakened on Wednesday. Latest LME aluminum stocks were down 11,800 mt at 4,811,050/mt. The staying strong US dollar will continue to reign in rebound of commodities. LME aluminum is expected to be blocked at the 10-day moving average and find only weak support at USD 1,900/mt. Its trading band is...
While Alcoa Inc. (US:AA) kicked off the latest earnings season with an unexpectedly small loss, it did little to calm analysts’ concerns that slumping commodity prices mirror a weak economy and could further erode investor confidence. Aluminum producer Alcoa, as the first of the 30 Dow Jones Industrial Average (US:DJIA) companies to report second-quarter results, is typically seen as a bellwether for other blue-chip companies. Alcoa posted late Monday a $2 million second-quarter loss, or less than a penny a share. Excluding restructuring charges and other one-time items, the company earned 6 cents a share. Although this was a penny a share better than analysts predicted, the report weighed on commodities prices Tuesday, according to Elvis Picardo, vice president of research and portfolio...
The Toronto stock market fell about one per cent Tuesday as further indications of a slowing Chinese economy helped extinguish early optimism arising from a better than expected earnings report from U.S. aluminum giant Alcoa Inc. The S&P/TSX composite index dropped 122.45 points to 11,512.22 its fourth consecutive loss, and the TSX Venture Exchange dipped 12.62 points to 1,199.36. The commodity-sensitive Canadian dollar slipped 0.32 of a cent to 97.79 cents US amid sliding oil and copper prices. U.S. markets also lost steam even as Alcoa reported adjusted earnings of six cents per share, which beat the consensus estimate by a penny. Revenue dropped nine per cent to US$5.96 billion, mainly because of weak prices for aluminum in the slowing global economy. Alcoa’s performance reflects...
