Futures: SHFE aluminium closed at RMB 23,170 per tonne in the daytime session (down 0.22 per cent), moving sideways. Prices barely held above the MA5 (23,111) but were capped by the MA10 (23,199) and MA30 (23,352), with the bearish alignment of moving averages unchanged. The MACD formed a golden cross below the zero axis (DIF -132.31, DEA -150.30), with the red histogram expanding to 35.98, but trading volume shrank sharply to 43,600 lots, and the volume-price divergence limited the rebound height. The core trading range for SHFE aluminium is suggested at 22,900-23,400. LME aluminium closed at USD 3,082 per tonne (up 0.31 per cent). Prices held above the MA5 (3,063.8), MA10 (3,072.5), and MA30 (3,068.4), but remained capped by the MA60 (3,166.4), in a weak recovery phase within the...
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...
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Low natural gas prices are unlikely to relieve the pressure on the aluminum smelting sector, which is facing major structural changes as relatively low prices and rising operating costs are forcing the most uneconomic producers to shut down, thus eliminating a large amount of spare market capacity, Barclays Capital said in a report Tuesday. Analyst Nicholas Snowdon explained that to take advantage of low-cost gas, smelters that rely on self-generation would need to build new gas-fired capacity or shut their current self-generation capacity in order to access the power grid. Additionally, those that run on outside power generation are reliant on the generators themselves to make the switch to gas. Snowdon said that while US gas prices have fallen by about 60% between 2008 and the present,...
The Saudi Arabian Ma'aden Aluminium Company has awarded Bechtel the prefeasibility study contract for its proposed copper and zinc smelter projects on the Saudi Arabian Gulf Coast. The multibillion-dollar projects are set to include the construction of two world-class smelters with an output of 500,000 tons of copper per year and an annual production of 200,000 tons of zinc. "Our team in Saudi Arabia will bring a substantial amount of experience both in pyro-metallurgical processes and working in Saudi Arabia and Middle East region to this study," said Russ Barretta, Bechtel's Mining and Metals general manager for North America, Europe, and the Middle East. "We have built a strong relationship with the Ma'aden Aluminium Company in the last eight years of working on its aluminium smelter,...
The Chinese central bank announced in the evening of May 12 to cut banks’ reserve requirement by 0.5 percentage point from May 18, a second cut this year and a signal that monetary policies will continue to loosen as necessary. However, investor worries towards implementation of austerity measures in Europe due to political uncertainty in the region overshadowed support from China. The most active SHFE aluminum contract for August delivery opened slightly higher at RMB 16,090/mt and hit a high of RMB 16,150/mt, but finally closed down RMB 80/mt or 0.5% at RMB 15,990/mt as short selling strengthened. Positions added 2,554 lots to 102,524 lots. Losses were seen in both stocks and futures markets. Though SHFE aluminum shed less losses compared with other base metals, contracts for near month...
Political uncertainty in Greece led to panic overnight that Greece may finally exit the euro zone. The euro plunged against the dollar, helping the US dollar index surging. Metals shed heavy losses as a result. LME aluminum settled down USD 22.5/mt or 1.1% at USD 2,026/mt on Monday, after hitting the intraday low of USD 2,019/mt. Total positions dropped 4,456 lots to 709,176 lots as shorts took profits by clearing positions. European nations are facing heavy debt pressures and Chinese demand outlook is still sluggish, leading to successive losses in aluminum. LME aluminum is expected to challenge a new low of this year, but support at USD 2,000/mt is still strong. Its moving band should be USD 2,000-2,040/mt. The most active SHFE aluminum contract for August delivery should open lower...
Vedanta gets involved in another controversy again as it loses on a safety award by UK on account of a death at the site. The British Safety Council on Monday announced the suspension of its 2012 International Safety Award recently conferred on mining major Vedanta Aluminium Limited's Lanjigarh refinery in Odisha. A press release from the BSC said information had been brought to its attention concerning a fatality at the site in April 2012. It said investigation was necessary to determine whether the stringent eligibility conditions for making such awards had been complied with by the company. The BSC said it had notified the company of its decision and had sought full particulars of the circumstances surrounding the fatal accident and "dangerous occurrences in order to determine whether...
United Company Rusal, the world’s largest aluminium producer by volume, reported a sharp drop in first-quarter net profit and warned it might start cutting production later this year. Net profit in the three months to March 31 fell 84 per cent to $74m compared with the same period last year as the price per tonne of aluminium dropped 13 per cent from a year ago, the company said. Its net debt rose 0.7 per cent to $11.1bn, while first-quarter sales fell 3.7 per cent to $2.9bn. Rusal said it was considering cutting its global capacity by 4-6 per cent in the second half of the year, citing continued uncertainty about the state of the global economy. Analysts interpreted this as a cry for help to the Russian government. The state plans to announce an increase in tariff prices this summer but...
Global Industry Analysts, Inc. brings about a smile to the aluminium leaders around the world with the release of its comprehensive global report on the Aluminum markets. The global market for Aluminum is forecast to reach 71.2 million tons by the year 2018. Major factors driving growth in the Aluminum market include increasing demand for the metal in developing countries, lower per capita consumption of Aluminum in emerging markets, increasing applications of Aluminum in various sectors, increasing regulations in the automotive sector that are driving use of Aluminum, and recovery in demand from end-use segments post recession. Demand for aluminum continues to rise, particularly in the emerging markets, in part due to lower per capita consumption of the metal in these parts of world....
Aluminium prices continued to drift lower over the past month and by mid-May were trading close to the lows of the year set in early January at just over $2,000/t. While macro uncertainties, particularly those re-emerging in Europe, have played the key role in guiding prices lower, the lack of supply response seen so far has also been an important factor. While the latest set of corporate results certainly demonstrated the margin compression being experienced across the primary smelting industry, there were essentially no large-scale cutbacks announced. At current price levels with physical premia, we estimate just under 3Mty of capacity outside China is currently losing money, so such announcements appear inevitable, but the longer they take to occur, the less confidence market...
Aditya Aluminium can anticipate some good news regarding theirpending aluminium smelter unit at Jharsuguda in Odisha as HLCA plans to clear projects across metal and power sector. The High Level Clearance Authority (HLCA), the apex body to clear projects across sectors involving investment beyond Rs 1,000 crore, is expected to meet shortly to reaffirm the state's investor friendly image and fast track execution of major projects. A string of investments, bulk of them in metals and power sectors, were awaiting the nod of HLCA which has not met since May 4 last year. “The HLCA is set to meet soon to clear backlog of investment proposals. We have asked the concerned departments to compile reports expeditiously on decisions taken in the previous HLCA meetings,” said an industries department...
World Bank decides to boost the mining industry in Tajikistan, which has unexplored resources of coal, gold, silver, antimony and coal stands. The country is going to benefit immensely from a US$ 10 mnWorld Bank grant provided as part of Tajikistan Private Sector Competitiveness Project. The World Bank funded project focuses on critical areas in need of reforms which can generate important improvements in the country’s business environment and capitalize on Tajikistan’s comparative advantage in the mining sector. Tajikistan Parliament had amended the Law on Precious Metals and Stones in May 2011 that gives the State greater control over the nation’s natural wealth. The legislation increased control over the accounting, production, storage and transportation of the country’s precious...
Chris Ayers, Alcoa EVP and President, Global Primary Proucts told the CRU 17th World Aluminium Conference in Abu Dhabi that the global primary demand growth rate will be 7% in 2012. This compares to a 10% growth rate in 2011. Driving growth will be the aerospace market where a 13% rise will occur. Aircraft manufacturers Boeing and Airbus have backlogs of seven to eight years and require aluminium for their aircraft. The automotive industry could see up to 7% global aluminium growth as it continues to lightweight vehicles for better emissions and fuel savings. The North American heavy truck market will see up to a 12% growth this year but the beverage can market may fall 3% in the region. This will be offset by beverage can growth in China of up to 12%. However the legacy of the 2008-09...
SINGAPORE (Dow Jones)--Japan aluminum premiums will likely rise in the third quarter of 2012 as tightening supply and strengthening demand lend support to the physical market, a senior executive at Norsk Hydro ASA (NHY.OS) told Dow Jones Newswires Friday. Aluminum supply has tightened significantly since the start of the year, partly due to curtailments at high-cost smelters amid sustained low prices, but also due to a resurgence in the popularity of long-term financing deals, which can keep metal off the market for years at a time. The supply squeeze is supporting aluminum futures on the London Metal Exchange and has pushed premiums higher in Asia, Europe and the U.S. Kjetil Ebbesberg, executive vice president and head of metal markets at the Norwegian aluminum producer, said he's...
The value of Japan's trade with Bahrain in 2011 remained nearly the same as last year in spite of 20% slump in Japan's exports to that country, thanks to an increase in the value of her imports. Total trade was valued at nearly USD 1.2 billion compared to USD 1.3 billion in the previous year. Japan's exports to Bahrain declined 20.06% to USD 471 million against USD 589.3 million in 2010. In line with the general trend, Japan's motor vehicle exports to Bahrain especially of passenger cars, slipped by 22.27% to USD 310.8 million from USD 399.9 million in 2010. Though export of general machinery as a whole declined by 14.83% export of transmission products, pipes, taps and valves and trucks with lifts has shown considerable increase. Export of electrical machinery saw a decline of 41.89%...
Aluminium buoyed by 0.6% or Rs 0.65 at Rs 108.5 per kg and tested an intraday high at Rs 108.65 per kg and low at Rs 107.9 per kg on Friday, 12th May. Short covering with 26% drop in its open interest to 2692 lots helped the metal to recover from its earlier lows. The contract traded below 9-day EMA and RSI stood at 40.57. Aluminium at LME also dropped by 0.7% at $2031 per tonne on Friday. The investor's woes on the Greece formation of government and sluggish growth economic signals from the world's second largest economy, China hampered the metal. But, the sanguine data from the US pared huge losses, Aluminium at MCX is likely to find support at Rs 107.8 per kg and Rs 107.1 per kg and resistance at Rs 109.4 per kg and Rs 110.4 per kg on Monday, 14th May. POWERED BY: COMMODITY INSIGHTS...
MANAMA: Alba's position as the first aluminium smelter in the Middle East that pioneered the growth of the industry in the region in 1971 provided the main focus of Alba's newly-launched corporate video. The video also turns the spotlight on Alba's award-winning safety and environmental commitments, provides an overview of Alba's operations, showcases its state-of-the-art production processes, and highlights the key role played by the workforce in raising the company's profile across diverse international markets. A separate video has also been produced to cater to the requirements of audiences attending local, regional and international trade fairs. "Alba's new corporate video presents another opportunity for the company to engage with audiences across the world, and provide information...
LONDON (Commodity Online): London Metal Exchange base metal prices showed a negative trend on Friday. Steel is the only metal headed in positive direction on Friday which advanced by 2.53% to $464.50 per metric ton. LME Copper prices declined by 1.4% to $8079.50 a metric ton on Friday, as weak economic data from China deepened investor's worries about stalled growth in the world's top consumer of the metal and many other raw materials. LME Price Highlights: --Aluminium alloy slipped 1.06% to $1900 a metric ton --Aluminium slipped 0.57% to $1991.50 per metric ton --Copper dipped 1.4% to $8079.50 a metric ton --Lead dipped 0.48% to $2052.50 per metric ton --Nickel fell 0.64% to $ 17020 a metric ton --Tin slipped 1.88% to $20250 per metric ton --Zinc dipped 0.41% to $1935 a metric ton...
SINGAPORE (Dow Jones)--Japan aluminum premiums will likely rise in the third quarter of 2012 as tightening supply and strengthening demand lend support to the physical market, a senior executive at Norsk Hydro ASA (NHY.OS) told Dow Jones Newswires Friday. Aluminum supply has tightened significantly since the start of the year, partly due to curtailments at high-cost smelters amid sustained low prices, but also due to a resurgence in the popularity of long-term financing deals, which can keep metal off the market for years at a time. The supply squeeze is supporting aluminum futures on the London Metal Exchange and has pushed premiums higher in Asia, Europe and the U.S. Kjetil Ebbesberg, executive vice president and head of metal markets at the Norwegian aluminum producer, said he's...
SHANGHAI,May. 10 -- According to the preliminary data from the General Administration of Customs, China's imports of unwrought copper and copper semis were 375,258 mt during April, with YTD imports from January to April at 1,735,958 mt, up 48.8% YoY. China's imports of scrap copper were 370 kt during April, with YTD imports from January to April at14.3 million mt, up 4.1% YoY. A three day study of Gladstone Harbour prepared by the CSIRO has found levels of heavy metal contamination were below water quality guidelines. The CSIRO has noted the rising dissolved aluminium and copper levels in Gladstone Harbour and has recommended extra fish tissue samples be taken due to the high public interest. A separate state government study released last month found dissolved aluminium levels at three...
