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 may not revise its Rs 17,000-crore offer to buy the government's stake in Hindustan Zinc (HZL) and Bharat Aluminium Company (BALCO) adding that the valuation was concluded as per the agreement signed at the time of acquiring majority stakes in the two firms. Vedanta chairman Agarwal also criticised the government for going slow on the divestment process. "It is not the question of more or less... the government has asked us to give a proposal and on the basis of agreement, we have given the proposal in the interest of the industry. We believe that this is a fair proposal...," Vedanta group chairman Anil Agarwal told CNBC-TV18 after meeting Planning Commission deputy chairman Montek Singh Ahluwalia. "It's not a question of to consider or reconsider. It’s laid down (in the...
China's nonferrous metals industry is unlikely to grow in the second half of the year, as the economy continues to struggle, after officials reported a significant drop in output growth during the first five months. Shang Fushan, vice-chairman of the China Nonferrous Metals Industry Association, said the industry has experienced a huge decline, as figures showed total output of the 10 major nonferrous metals in the first five months was 14.26 million metric tons - a 5.1 percent increase year-on-year, but still well down on the growth of 8.8 percent in the corresponding period of the previous year. "The development of the nonferrous metals industry largely depends on the country's macro economy in the following months, and that's not very good currently, so it is hard to predict what's...
Below are the three companies in the Aluminum industry with the lowest forward price to earnings (P/E) ratios. Forward P/E uses estimated earnings to compare relative value among companies in the same industry. Generally, the lower the forward P/E, the more undervalued a company is believed to be.Noranda Aluminum (NYSE:NOR) is lowest with a forward P/E ratio of 6.25. 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 73.7% based on a...
The world's biggest aluminum maker Alcoa is set to kick start the much awaited earnings season on July 9. Investors and analysts are keenly watching the earnings season to rekindle interest in the stock market that has witnessed somewhat lukewarm or lackluster trading in the second quarter after a solid gain in the first quarter. The company announced a profit for the first quarter surprising the market that was expecting a loss. This was partly due to Alcoa's focus on its midstream and downstream businesses besides cutting down costs on its upstream business. The company earned 10 cents a share on revenues of $6.01 billion for the first quarter, whereas analysts were expecting the company to suffer a loss of 4 cents a share on revenues of $5.77 billion. Just ahead of the fourth and first...
The most active SHFE aluminum contract for October delivery started slightly higher at RMB 15,645/mt and hit a high of RMB 15,790/mt as shorts continued to take profits, strengthening even when other base metals weakened. Cautious longs and pressure at RMB 15,700/mt dragged the contract back to close at RMB 15,680/mt, up RMB 65/mt or 0.42%. Positions dropped 4,894 lots to 107,958 lots. SHFE aluminum climbed for a third successive trading day, but was also stopped at the 30-day moving average. Transacted contracts dropped further below 50,000 lots. SMM expects the most active SHFE aluminum contract to test support at RMB 15,600/mt for the near term. Spot aluminum traded at RMB 15,700-15,720/mt in Shanghai, with discounts of RMB 50-70/mt over the current-month SHFE aluminum contract....
Interest rate cuts by Chinese and European central banks overnight were overshadowed by ECB President Mario Draghi’s pessimistic remarks towards the euro zone economy, pressing down the euro and pushing the US dollar index near 83. LME aluminum started at USD 1,956.8/mt and closed down USD 11/mt, or 0.56%, at USD 1,945/mt, after slipping to USD 1,929/mt as the US dollar strengthened. Transacted contracts added 3,991 lots to 14,550 lots and positions added 13,322 lots to 707,309 lots. Latest LME aluminum stocks were up 3,750 mt at 4,809,525 mt. The rate cuts in China and Europe are meant to boost slowing economic growth, but also added to the appeal of the safe-haven US dollar to weigh on base metals. The US non-farm payroll data today will exert a significant impact on the US dollar. LME...
The blue-chip Navratna public sector unit National Aluminium Company Limited (NALCO) will set up a 100-seat medical college and hospital in the tribal dominated Koraput district in south Odisha. NALCO's refinery and bauxite mining project is located at Damonjodi in the district, one of the most backward districts in the country. ""NALCO has agreed to establish the 100-seat medical college and hospital in Koraput. The PSU will submit its letter of consent to the state government within seven days,"" health minister Prasanna Acharya on Thursday told reporters after meeting Nalco representatives. The hospital will have 300 beds for the patients. Admission to the medical courses will take place from 2014, the minister said. There has been a spate of proposals from PSUs and private companies...
The cost paid to secure aluminium supplies in Europe has soared to record highs, with the metal still being used chiefly as a financing tool of choice for investors, leaving manufacturers and smaller merchants scrambling for stocks. Aluminium premiums - money paid over and above the benchmark London Metal Exchange cash price to secure physical delivery - are supposed to reflect regional supply and demand trends. But they have been increasingly disconnected from such trends ever since banks and trading houses took a shine to the light metal after the 2008 crisis, buying up stocks as well as warehouses. Regulations on the LME, the world's premier metals marketplace, allow companies operating warehouses to release only a fraction of their inventories each day - much less than is regularly...
Emirates Aluminium (EMAL) and Aluminium Bahrain (ALBA) are both planning on boosting output, according to Bloomberg. EMAL is looking towards the end of 2012 to finalise financing arrangements for a $4.5Bn expansion programme, including the construction of what it claims will be the world’s biggest smelter. The company plans to boost annual output from 800Kt to 1.3Mt by 2014. ALBA is spending $2.5Bn to raise its capacity 30 per cent by 2015. Meanwhile, a joint venture between the Saudi Arabian Mining Company (MAADEN) and Alcoa Inc includes the construction of a 740Kt smelter, which will be commissioned in 2013. Saeed al-Mazrooei, EMAL’s chief executive officer, argues that while many smelters in Europe are closing, Gulf companies are expanding their operations. Mazrooei cites rising costs,...
Ma’anshan Maishiji Engineering Consulting Co.,Ltd has won the bid to supervise first tender of JISCO Dongxing Aluminium’s 2 x450,000 tons electrolytic aluminium project. As a key construction project of Gansu provincial government, this electrolytic aluminium project aims at establishing special aluminium alloy production lines and auxiliary projects. It will be built and put into operation step by step and be finished within 3 years. Once completed, comprehensive technical index of Dongxing Aluminium will reach world advanced level. Its electrolytic aluminium output will become top 5 in China. The first tender mainly includes electrolytic plant and auxiliary facilities. This supervision task reflects high trust from JISCO to China Metallurgical Huatian. It is also a solid step achieved...
Unionized workers at Rio Tinto Alcan's Alma aluminum smelter in northern Quebec have approved a new contract ending an extended lockout, the union and the company confirmed late on Thursday. The approval comes more than six months after Rio Tinto Alcan locked out its unionized workers after contract talks failed at the smelter, located some 500 kilometers (310 miles) northeast of Montreal. The two parties reached an agreement in principal on the contract earlier this week. "We are extremely pleased that the employees voted in favor of the tentative agreement," Etienne Jacques, chief operating officer at Rio Tinto Alcan, said in a statement. "The agreement will help protect the competitiveness of the Alma plant in the future." The old contract expired on December 31 and the workers were...
Tulsian told CNBC-TV18, "Holding positive view because this Karnataka restart of the mining can easily take them back to that old Rs 50 EPS kind of things. If you have seen in FY12 they have shown really very poor working. I am not saying that the entire region was the stoppage of the mining operations from 24th August 2011 in Karnataka but that will really be helping it." He further added, "Second point, I am holding positive view on the non-ferrous metal because of this merger of the Sterlite industries, which is holding stake in Hindustan Zinc to the extent of 65%, 51% in BALCO. I am keeping a positive view especially on the Aluminum and Zinc front. So that is going to give them a big positive. Infact I am not very positive on the ferrous stock like Tata Steel and all that where I am...
Base metals prices dropped on the London Metals Exchange overnight, as the euro weakened to push the US dollar index above 82 amid higher expectations that the European Central Bank will cut interest rates, following delivery of weak euro zone economic data. LME aluminum started at USD 1,970/ MT and hit a high of USD 1,982/MT, only to drop back to close down USD 15/ MT or 0.76% at USD 1,956/ MT, after finding its low at USD 1,953/ MT. It is now pressured above the 30-day moving average. Positions of the light metal dropped 5,913 lots to 693,987 lots, while transacted contracts lost 14,441 lots to 10,559 lots during cautious trading before the ECB interest rate meeting. Aluminum trading should remain cautious before the ECB interest rate meeting. While fundaments within China have changed...
Kunal Shah of Nirmal Bang Commodities advises going long on MCX natural gas futures at Rs 161 per MMBTU with a stop loss to be placed below Rs 156 per MMBTU. He reckons that prices would move up and test levels of Rs 168 per MMBTU on MCX. Sumeet Bagadia of Destimoney Commodities feels that Aluminium is good to buy and dips in prices till Rs 106 per kilogram or Rs 105.70 per kilogram should be used as buying opportunity with a stop loss to be placed at Rs 104.90 per kilogram levels for the upside target of Rs 107.50 per kilogram and above that Rs 108 per kilogram.
Badkar told CNBC-TV18, "I think across metal stocks Tata Steel , Sterlite, Sesa Goa , Hindalco – we have seen good amount of short covering. It looks like the positions aren’t very heavy right now. They seem to be little subdued but all these stocks are by and large on a bullish trend and within this entire space Hindalco stands out. I also like Sterlite Industries and from Rs 111-112 levels one can see 5-7% unmoved quickly." He further added, "The bigger question is that how does global macro turnout to be in the next few days including today’s ECB meet and going forward whatever cues you see come in globally. If they continue to remain positive, within the metal space one will see stocks move across the board particularly Sterlite, Hindalco and Tata Steel to a certain extent. There is...
Several intergovernmental and inter-industry agreements are planned to be signed during Tajik President Emomali Rahmon's official visit to Azerbaijan, scheduled for July 12-13. Four intergovernmental agreements are planned to be signed following the visit. These are an agreement on copyright protection, a protocol on cooperation between the foreign ministries of both countries, agreements on cooperation in agriculture and tourism and youth policy, the embassy told Trend on Thursday. It is also planned to sign two inter-industry documents, including a cooperation agreement between the Baku State University and the Tajik National University and an agreement on cooperation between the Azerbaijani and Tajik National Olympic Committees. President Rahmon plans to hold a meeting with his...
Aluminium Bahrain (Alba) ranked as one of the largest Aluminium smelters in the world, now sells 15 per cent of its output in Europe, said chief executive Laurent Schmitt. He announced this during a visit to Zurich on the first anniversary of the company's sales office there. 'Alba had long recognized Europe to be one of the growth areas for its high-grade Aluminium products, and the success gained in the past one year has further endorsed our confidence in this market,' said Schmitt. 'I congratulate the Alba team in Zurich for their considerable efforts in raising the company's profile and paving the way towards increased distribution of its products to key markets in Europe,' he added. Alba, he said, has already established processes to help increase its presence further across Europe....
According to Frost & Sullivan, the Aluminum production in the Ulf Cooperation Council (GCC) is expected to grow significantly in the short to medium term. The region is expected to contribute around 15 per cent of the total global production of Aluminium by 2015. GCC has no clear advantage in terms of feed stock, as alumina is imported by all companies except Saudi Arabian Mining Company that has captive bauxite mines to supply feed stock Alumina. However, the cost of power and the availability of the same provide an edge to the region. Energy costs account for one-third of aluminum production costs, and therefore, aluminum producers gravitate towards areas with cheap supply of natural gas. Although Middle East leads in natural gas availability, gas allocation for Aluminium projects has...
