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...
Grow with
AL Circle
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.
A European source disclosed that EFSF committee would decide whether to release the second batch EUR 5.2 billion loan to Greece on Wednesday, easing risk aversion due to obstacles for implementation of austerity measures caused by the Greek election. LME aluminum firstly dropped to a low of USD 2,025.8/mt, near the lowest of this year, then recovered most losses settling down USD 2/mt or 0.1% at USD 2,054/mt. China will release preliminary import and export data of April today, which will affect market direction. Worries towards European debt are not likely to disappear for the near term, eroding momentum of commodities. LME aluminum is expected to test support at USD 2,050/mt and may exhibit a downside run if support is found to be weak. Its moving band is USD 2,020-2,080/mt. The most...
Workers at Sterlite Industries (India) Ltd. (STLT)’s aluminum unit plan to go on an indefinite strike this month, demanding better conditions at its smelter in the state of Chhattisgarh, a trade union leader said. “The workers are supporting a plan to stop work later this month if the authorities don’t heed our demand,” G. Sanjeeva Reddy, president of the Indian National Trade Union Congress, said today in a phone interview. The union says 90 percent of about 2,000 permanent workers at unit Bharat Aluminium Co. are its members. Bharat Aluminium, in which Sterlite bought a 51 percent stake from the Indian government in 2001, operates a 345,000- metric-ton smelter and two bauxite mines at Korba in the eastern state. Workers at Balco, as the unit is known, in 2004 had gone on strike in...
A Tomago business is urging the State Government to ensure a local access road is upgraded as part of the approval process for a $30 million aluminium plant. Bahrain-based Midal Cables International wants to build the manufacturing plant at Tomago using molten metal from the nearby aluminium smelter. The Environmental Assessment went on public exhibition earlier this year, attracting eight submissions, one from a local tyre firm that has been operating in the area for 30 years. The firm's Manager Murray Ross supports the Midal development, but says planning authorities cannot ignore the poor state of the main access road, School Drive. "This is going to be the main entrance," he said. "If anyone came out and pulled up to the side of the road and had a look, you'd probably be amazed at the...
Hindalco Industries Ltd reported better-than-expected results for its stand-alone operations—excluding the performance of Novelis Inc. The stand-alone operations account for only one-third of consolidated revenue, but around 60% of consolidated net profit. In the March quarter, the company reported a 15% quarter-on-quarter (q-o-q) increase in revenue to Rs7,647 crore and a 21% growth in earnings before interest, tax, depreciation and amortization (Ebitda, a key measure of profitability) to Rs865 crore. Net profit rose 42% sequentially to Rs640 crore, far higher than the Street estimates of Rs550 crore. This will cheer investors, especially since it has come on the back of an improvement in operating profitability. Revenue, too, was higher than the Street estimates, helped by slightly...
Having participated actively in the Commodity Research Unit's 17th World Aluminium Conference 'CRU 2012', which took place in Abu Dhabi, UAE from 30 April to 2 May this year, Dubai Aluminium 'Dubal' has successfully achieved its corporate objectives for the event. So says Abdulla J M Kalban (President & CEO), who says, "Through CRU 2012, awareness was raised that Dubal is not only a major player in the global industry in terms of primary aluminium production, but also as a developer of superior technologies based on thorough and on-going research into process and system improvements. Attention was also focused on the increasingly important role played by the GCC as an emerging aluminium hub; and the Dubal delegates who attended the conference gained valuable insight into developments and...
Alba Reports Q1 2012 Results · Q1 2012: Underlying performance maintained without the LME impact · Q1 2012: Value-Added Sales rebounded · Q1 2012: Demand for aluminium still healthy Q1 2012 Industry Highlights: · World consumption up by 1% despite the slow start of January with China output levels growing at a fast pace with 15% Y-o-Y · Demand for Aluminium still healthy with Asian markets driven by consumption in India and China at 7% and 4% respectively; Europe (Chicago Options: ^REURUSD - news) automotive segment remains relatively strong · MENA consumption on the rise -- 3% YoY -- thanks to infrastructural spending in KSA and Qatar · London Metal Exchange (LME) recovered by 4% in Q1 2012 as compared to Q4 2011. · The LME cash average was at US$ 2,177 metric tonnes in Q1 2012 versus...
Both positions and transactions of LME aluminum added overnight as French and Greek elections stir worries towards implementation of austerity measures in Europe. The light metal slipped to USD 2,037.8/mt, a new low since January 6, before paring losses to USD 19/mt or 0.92% settling at USD 2,056/mt. The bearish market sentiment will force longs to close their positions. Aluminum is expected to weaken further today. LME aluminum will be pressured at the 5-day moving average and move between USD 2,030-2,070/mt. The most active SHFE aluminum contract is expected to open near RMB 16,200/mt and hover between RMB 16,160-16,230/mt as pressure mounts at the 10-day moving average. Some traders will actively move goods as prices fall, maintaining slight discounts. Spot aluminum is expected to...
Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, hereby gives notice that its Annual General Meeting will take place on 21 June 2012, at 9:30 am. The meeting will be held at Vimetco's offices in the World Trade Center, Strawinskylaan 1643, Tower C, Level 16, 1077 XX Amsterdam, The Netherlands. The record date for the Annual General Meeting is set as 24 May 2012. Agenda / Order of the Day The Board of Directors submits the following agenda items and propositions for discussion and approval of resolutions: 1. Opening, appointment of chairman (voting item), remarks and announcements 2. Presentation of the Annual Report 2011 and review of auditor's report 2011 3. Adoption of the Annual Accounts 2011 of Vimetco N.V. (voting item) 4. Retention and...
The day’s biggest mover on the aluminum markets — Chinese aluminum billet – broke away from a static phase with a 0.3 percent jump up on May 7, 2012, after three changeless days. The cash price of Chinese primary aluminum saw little movement yesterday on the SHFE, closing out around CNY 16,170 ($2,564) per metric ton. The price of Chinese aluminum bar continues hovering above $2,200 per metric ton for the fifth day in a row. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining in the mid-$2,600s per metric ton. The cash price of primary aluminum held steady yesterday on the LME, remaining around $2,048 per metric ton. The cash price of Indian primary aluminum remained essentially flat at INR 110.00 ($2.06) per kilogram. Also on the LME, the...
Hindalco Industries Ltd. (500440.BY) Tuesday posted a lower-than-expected 10% drop in fourth-quarter net profit, hurt by a higher tax payout and a fall in aluminum prices. The aluminum and copper producer, part of India's diversified Aditya Birla group, said its unconsolidated net profit for the January-March period fell to INR6.40 billion from INR7.08 billion a year earlier. Profit topped the INR5.2 billion average of estimates in a Dow Jones Newswires poll of six analysts. Unconsolidated sales rose 12% to INR75.63 billion from INR67.61 billion, as higher sales volume offset a decline in product prices. Hindalco, like peer Sterlite Industries Ltd., had a tough fourth quarter as prices of base metals fell on the London Metals Exchange, while costs of fuel and raw materials remained high....
Benchmark U.S. Midwest spot aluminum premiums rose above 10 cents a lb for the first time as a persistently strong spread between cash and forward prices on the London Metal Exchange continued to tie up the metal in the warehouses. The record-setting premium was also attributed to a pick-up in demand following a sharp drop in the price of aluminum on the London Metal Exchange (LME) in April, market participants said, expecting this one-two punch to provide further upside in the price. "We are in uncharted territory at a record high. I have no idea how far it can go ... no one does. That's part of the concern I would have if I were a consumer. What's keeping it from going to 11 or 15 or 20 cents? Nothing," a trader said. The Midwest premium, the benchmark used for physical trading of...
Aluminium Bahrain increased production by 2% in the first quarter with sales remaining stable despite a slowdown in Europe. But it said earnings before interest, tax, depreciation and amortisation as well as net income at US$115m and US$57m respectively were affected by lower LME levels and higher gas costs. Chief executive Laurent Schmitt said: "Without LME effect, Alba was able to maintain its performance despite the significant impact of gas price increase. "The overall financial performance was underpinned by a major focus on our 'continuous improvement programme' and 'operational efficiency initiatives. "These measures enabled the company to maintain a momentum despite the downward trend of aluminium prices."
Aluminium yesterday traded with the negative node and settled -0.05% down at 109.8 declined to a two-week low after Socialist Francois Hollande was elected president of France, prompting concerns that austerity efforts may be derailed, and US payrolls rose by the least in six months. NALCO has also raised aluminium prices by INR 1,500 per tonne across all products in tandem with overseas markets. The base price of standard aluminium ingots after the latest revision increased to INR 138,700 per tonne in the domestic market. In the aluminium sector, conditions were likely to remain challenging, even if producers cut supply further, with Aluminum Corp of China and Australia's Alumina Ltd most at risk from weak prices, among the producers S&P rates.Rising fuel costs in Indonesia and Mongolia,...
A SECRETIVE group of Chinese tycoons is plotting to take away the world's largest undeveloped iron ore project from Rio Tinto. The swoop by China International Fund (CIF), set up by a syndicate of Hong Kong traders and Sonangol, Angola's state oil monopoly, is the latest turn in the fight over Simandou, an ore reserve that will turn Guinea in West Africa into the world's third-largest iron ore producer after Australia and Brazil. Rio Tinto last year paid $US700 million to the Guinean government to recover rights to half the project after they were taken away by the previous regime. The other half was snapped up by Beny Steinmetz, a billionaire Israeli diamond trader, who then sold a stake to Vale of Brazil, landing him a multi-billion-dollar paper profit. Rio plans to spend at least $US10...
Due to weakness in the macro economy, the most active SHFE aluminum contract for August delivery closed down RMB 50/mt or 0.31% at RMB 16,275/mt on Monday. Positions added 1,696 lots to 76,178 lots. Financial markets remained relatively negative. The hike of bauxite exports duties to 20% has already influenced aluminum price performance, which lacks momentum to rise further. Strengthening shorts will force longs to close their positions and the most active SHFE aluminum contract is expected to test support at RMB 16,200/mt. Shanghai spot aluminum was sold at RMB 16,130-16,160/mt, at discounts of RMB 20/mt to premiums of RMB 10/mt. Wuxi spot aluminum was sold at RMB 16,150-16,170/mt. Hangzhou spot aluminum was sold at RMB 16,120-16,160/mt. The SHFE current-month aluminum contract showed...
Dubai Aluminium was named procurement team of the year at the inaugural CIPS Middle East Awards this evening. More than 100 distinguished guests and anxious nominees gathered at the W Hotel in Doha, Qatar for the first celebration of the best of the procurement and supply chain profession in the region. The smelting company beat Etihad Airways and the Emirates Nuclear Energy Corporation (ENEC) to receive the prestigious honour at the event, hosted in association with headline sponsor Tejari. Other winners on the night included TDIC, in the category of Most Improved Purchasing Operation - Step Change, and Novartis for Most Improved Purchasing Operation – Start Up. The prize for Best Contribution to the Reputation of the Procurement Profession went to Masdar. And in a special award selected...
Qatalum will host the 16th Arab International Aluminium Conference (Arabal 2012) at the Grand Hyatt Hotel from November 19-21. The event will be held under the patronage of Minister for Energy and Industry HE Dr Mohamed bin Saleh al-Sada. Considered the only conference wholly dedicated to the region’s aluminium industry, Qatalum has constituted an organising committee, consisting of many of its key personnel headed by Ibrahim J Fakhri to supervise all aspects of the event from planning to execution. “There is no doubt the State of Qatar, its government and people have welcomed all the meaningful and significant activities and events that are being run in line with the directives of our wise leadership to make Qatar the regional hub for business, thought, culture, art, sport and all other...
