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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MOSCOW/HONG KONG, May 14 (Reuters) - Russia's UC RUSAL Plc , the world's biggest aluminium producer, posted an 84 percent drop in first-quarter net profit, potentially fuelling a shareholder conflict over the company's refusal to sell its stake in Norilsk Nickel. RUSAL's management, led by its controlling shareholder Oleg Deripaska, has resisted pressure to sell its 25 percent share in the world's largest nickel and palladium company to pay down debts at a time when aluminium markets are weak. Both Deripaska and his main opponent, fellow RUSAL shareholder and billionaire Viktor Vekselberg, are looking for fresh ammunition in their fight over the company's financial management. Net debt rose 0.7 percent to $11.13 billion at the end of March from $11.05 billion in December 2011, RUSAL said...
Inflation pressure stays for the world’s largest metals consumer China. European debt risks still exist. The largest US bank JPMorgan reported heavy losses. All these pressured metals on Friday. LME aluminum hit a low of USD 2,031.8/mt but settled up slightly by USD 7.3/mt or 0.36% at USD 2,048.5/mt supported by the much better-than-expected US Michigan University Consumer Confidence Index. The light metal was the only base metal that gained on Friday. Chinese central bank’s second reserve requirement cut this year will boost domestic financial markets. Market confidence, however, is still curbed by Greek political uncertainty. LME aluminum is expected to test pressure at the 10-day moving average above and move between USD 2,040-2,080/mt. The most active SHFE aluminum contract is...
SHANGHAI, May 14 (SMM) – The most active SHFE aluminum contract for August delivery settled down RMB 70/mt or 0.43% at RMB 16,065/mt on Friday, after opening lower at RMB 16,120/mt. Transacted contracts climbed to 20,000 lots. SHFE aluminum futures prices dropped continually last week, with the most actively traded contract slipping toward RMB 16,000/mt. The weak CPI data has weakened expectations of demand in the conventionally peak season. Aluminum prices have shown relative stability, though, with strong support at RMB 16,000/mt. SMM expects the light metal to struggle at RMB 16,100/mt in the near term. Latest SHFE aluminum stocks dropped 4,171 mt to 347,032 mt. Spot aluminum traded at RMB 16,020-16,040/mt in Shanghai, at discounts or premiums within RMB 10/mt over the current-month...
On May 9, 2012, the day’s biggest mover was the 3-month price of primary aluminum, which saw a 1.2 percent decline on the LME to $2,063 per metric ton. The cash price of primary aluminum fell 1.1 percent to $2,026 per metric ton yesterday on the LME after two days of no change. The cash price of Indian primary aluminum fell 0.8 percent to INR 106.20 ($2.00) per kilogram. Chinese aluminum prices were mixed for the day. The price of Chinese aluminum billet fell 0.3 percent to CNY 16,100 ($2,558) per metric ton. Wednesday saw Chinese primary aluminum cash price drift down 0.3 percent on the SHFE to CNY 16,120 ($2,561) per metric ton after a couple of stagnant days. The price of Chinese aluminum scrap continues hovering around CNY 16,650 ($2,645) per metric ton for the fifth day in a row. The...
BHP Billiton plans to merge its struggling nickel and aluminium units to make them big enough to remain within the mining giant, in a clear signal it is not planning to sell either outright. But the prospect of further sales or closures of individual nickel and aluminium assets remains. Yesterday BHP said it would merge its stainless steel materials and aluminium groups into a new business headquartered in Perth. The two businesses recently came under the control of BHP's corporate development boss Alberto Calderon, fuelling earlier speculation they would be put up for sale. At the time, chief executive Marius Kloppers also said BHP would probably exit some businesses and assets over the next decade as they became too small to exist within the growing miner. But yesterday, Mr Calderon...
Century Aluminum Company (CENX) filed Quarterly Report for the period ended 2012-03-31. Century Alum Co has a market cap of $807.1 million; its shares were traded at around $7.92 with and P/S ratio of 0.6. Highlight of Business Operations: Lower price realizations for our primary aluminum shipments in the three months ended March 31, 2012 were due to lower LME prices for primary aluminum, which were partially off-set by increased Midwest premiums. The lower price realizations resulted in a $38.3 million sales decrease. Higher shipment volumes had a $38.2 million positive impact on net sales. Direct shipments from our three operating smelters increased 13,608 metric tons in the three months ended March 31, 2012 due to the restart of idled capacity at our Hawesville facility. Toll shipments...
Research and Markets as announced the addition of the "Aluminum Industry in the BRIC Countries - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016" report to their offering. The BRIC (Brazil, Russia, India and China) countries play a dominant role in global aluminum industry in terms of production as well as consumption. The aluminum industry in the BRIC countries posted a healthy growth during the review period and the trend is expected to continue over the forecast period. The report provides in-depth market analysis, information and insights on the aluminum industry in the BRIC countries including: - In-depth analysis of the aluminum industry in BRIC (Brazil, Russia, India and China) countries - A detailed analysis of market attractiveness, covering the key...
The Montenegrin government is dedicated to resolving relations with their Russian partner when it comes to aluminium plant KAP, Prime Minister Igor Luksic told Radio of Montenegro in an interview. The country will focus on finding a strategic partner similar to the situation with another Montenegrin company, Ironworks. Montenegro has equal shares in a 58% stake in the aluminium plant with the EN+ group of Russian billionaire Oleg Deripaska. In the interview, Luksic said that KAP had the potential to become a serious development opportunity. "However, in its present condition, KAP is only a problem but, if we succeed in resolving our relations with the Russian partner, and lay foundations for that project in a slightly different manner, it seems that we can find a good investor that will...
United Co. Rusal, the world’s largest aluminum producer, fell to a four-month low as Renaissance Capital forecast a 5 percent decline in margins from the previous quarter. Rusal lost 1.3 percent to 196.98 rubles by the end of trading in Moscow, the lowest level since Jan. 10. “The rising oil price and resulting strong ruble will squeeze already thin earnings before interest, tax, depreciation and amortization margins, which we expect to fall from 14 percent to 9 percent quarter-over-quarter,” Andrew Jones, an analyst at Renaissance Capital, said in an e-mailed report today.
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. China's imports of unwrought aluminum and aluminum semis were 94,352 mt in April, with YTD imports from January to April at 433,032 mt, up 34.9% YoY. Alumina imports were 280 kt during April, with YTD imports from January to April at 1440 kt, up 73.7% YoY. China's imports of scrap aluminum were 210 kt during April, with YTD imports from January to April at 780 kt, down 1.5% YoY. China's exports of unwrought aluminum...
Base metals ended mixed on Thursday amid support from better-than-expected US employment and trade data and pressure from weak Chinese trade data and political stalemate in Greece. LME aluminum has presented 7 successive days of loss so far in May. The light metal closed down USD 12.8/mt or 0.62% at USD 2,041.3/mt, after hitting the intraday low of USD 2,035/mt. China will release its CPI for April today, which will greatly influence investor sentiment. LME aluminum is expected to struggle at USD 2,050/mt and hover between USD 2,020-2,080/mt. The most active SHFE aluminum contract for August delivery is expected to open near RMB 16,135/mt and move between RMB 16,100-16,190/mt. The wait-and-see attitude has gained strength amid continually falling prices and weak demand. Spot aluminum is...
Tajikistan's state-owned aluminium smelter, the largest in former Soviet Central Asia, hopes a resumption of gas supplies from Uzbekistan will allow it to meet its 2012 output target despite a near-12 percent decline in the first four months. Tajikistan Aluminium Company, or TALCO, produced 97,863 tonnes of the metal in January-April 2012, or 11.6 percent less than in the same four months last year, a source close to the company's management told Reuters on Friday. The main reason for the decline was lower monthly production rates in early 2012 as the smelter ramped up output following a modernisation programme completed toward the end of last year. Production was also affected in April when neighbouring Uzbekistan cut off natural gas supplies for 15 days. Tajikistan signed a deal to...
India's state-run National Aluminium Co Ltd has sold 12,000 tonnes of aluminium ingots at $160 per ton, a premium over the average LME cash price on a CIF basis, a senior company official said on Thursday. The metal would be shipped to the London-based buyer in six batches of 2,000 tonnes each from May to October, its commercial director Ansuman Das said. NALCO, whose tenders serve as a global benchmark, last sold a same quantity of aluminium ingots at $152 per tonne premium over the average LME cash price on a cost, insurance and freight basis to a South Korean buyer in April.
Chinalco Mining Corp International will seek approval from the Hong Kong stock exchange on May 17 for an IPO that could raise up to $1 billion, IFR reported on Wednesday. The company, a Peruvian copper mining unit of state-owned Aluminum Corporation of China, plans to start pre marketing the deal in the week of May 21 once it gets the listing approval, the report added. The early-stage mining company, with the $2.2 billion Toromocho Peru mine as its main asset, is expected to start production in the third quarter of 2013. Bankers on the deal are closely monitoring the market response to the IPO of China Nonferrous Mining Corp (CNMC), another non-Chinese copper miner. CNMC is a state-owned copper producer with operations in Zambia. The company is currently pre marketing its Hong Kong IPO...
Emirates Aluminium Co., an Abu Dhabi- based smelter, will approach banks in June to finance its expansion, MEED reported, citing people familiar with the project. Negotiations with export credit agencies from Korea, the U.S., France and Germany will conclude soon, paving the way for the company to seek commercial funding, according to the report. Mubadala Development Co. and Dubai Aluminium Co., Emal’s owners, are also planning to issue a project bond to fund the expansion, MEED said. The company hopes to reach agreement on financing by October, according to the report.
Aluminum buyers in Japan, Asia’s largest importer, may pay a record fee to producers after China boosted purchases and global smelters cut output. Premiums for the three months starting in July may climb more than $30 from fees this quarter between $115 and $127 a metric ton over the London Metal Exchange cash price, four executives, representing smelters and buyers, said before pricing talks this month. The highest fee since Japanese buyers began purchasing most requirements through long-term contracts in 1996 was $125 to $130 for the first quarter of 2010, they said, declining to be identified as negotiations are private. Premiums are poised to surge as demand is expanding in Japan, led by the auto and construction industries, because of rebuilding from last year’s earthquake and...
Sesa Goa said its shareholders will meet on June 19 for approving the proposed merger of Sterlite Industries and other group firms as announced by its parent firm Vedanta Resources in February. "A meeting of the equity shareholders of Sesa Goa is being convened and will be held on June 19, 2012, for the purpose of considering...the proposed arrangements embodied in the scheme of amalgamation and arrangement amongst Sterlite Industries, Madras Aluminium, Sterlite Energy, Vedanta Aluminium and Sesa Goa," it said in a filing to the BSE. The meeting has been convened following a direction by Goa bench of the Bombay High Court on April 27, it added. The merger, which will lead to creation of a new entity, Sesa Sterlite, is aimed at simplifying the group structure of London-listed Vedanta group...
Yesterday saw Indian primary aluminum cash price move down 2.7 percent, following three quiet days. The LME primary aluminum cash price saw little price change yesterday at $2,048 per metric ton. The primary aluminum 3-month price saw little movement on Tuesday on the LME, closing out around $2,088 per metric ton. Chinese aluminum closed mixed yesterday. Chinese aluminum billet fell 0.3 percent on Tuesday. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat, holding between $2,600 and $2,700 per metric ton. The price of Chinese aluminum bar remained essentially flat at above $2,200 per metric ton. On the SHFE, the cash price of Chinese primary aluminum showed little movement on Tuesday, hovering around CNY 16,170 ($2,570) per metric ton.
