The London Metal Exchange (LME) aluminium price chart reported declines on the November 10 trading session after a temporary surge at the November 9 close. Both near-term and longer-dated contracts posted over 1 per cent dip over the previous session. The LME aluminium cash bid as well as offer prices contracted 0.32 per cent day-on-day on November 10. The bid shifted from USD 3,145 per tonne to USD 3,135 per tonne. The offer price dipped from USD 3,147 per tonne to USD 3,137 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 1.11 per cent decline from USD 3,059 per tonne on November 9 to USD 3,025 per tonne on...
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...
Grow with
AL Circle
The government is encouraging the development of aluminum refinery plants in Indonesia’s two largest bauxite producing provinces; Riau Islands and West Kalimantan. The provinces have a total bauxite reserve of 3.47 billion tons, Energy and Mineral Resources Ministry’s data shows. As a bauxite-producing nation, Indonesia does not yet have smelters to process bauxite into alumina and therefore all ore produced in the country is exported to Japan and China, while to supply alumina to aluminum plants in the country, material is mostly imported from Australia. In Riau Islands, there are 32 companies holding mining licenses over 34,993 hectares. The estimated reserves in the province are estimated to be 180.97 million tons, scattered across four regions — Lingga (93.36 percent), Bintan (2.33...
LME aluminum climbed USD 26.5/mt or 1.28% to USD 2,098/mt on Wednesday, with an unexpected report of profits and higher-than-expected revenue by Alcoa and dropping yields of Spanish and Italian 10-year debt. Total positions plunged by 18,599 lots as shorts moved to the sidelines. Strong resistance was seen at the USD 2,100/mt mark. SMM expects LME aluminum to struggle at the 5-day moving average and hover between USD 2,080-2,120/mt today as upward momentum is weak. The most active SHFE aluminum contract for July delivery is expected to test resistance at the 5-day moving average and move between RMB 16,100-16,195/mt. Spot premiums over the current-month aluminum price are expected to stay between RMB 0-30/mt even as the current-month aluminum price climbs a little bit. Deals will be seen...
Alcoa may have given a slumping Wall Street just what it needed: a surprise profit. The largest U.S. aluminum manufacturer said Tuesday that it earned 9 cents share in the first quarter. It surpassed analyst forecasts for a small loss by selling more aluminum to a wide range of customers, including car makers and aircraft manufacturers, and operating its plants more efficiently. Alcoa is considered a barometer for the economy. It's also the first of the 30 companies in the Dow Jones industrial average to report results. Its stock rose 5.3 per cent in after-hours trading, providing hope that the stock market might halt its longest and deepest slump of the year on Wednesday. "It looks like they're going to get the earnings season off on a good note," said Argus Research analyst Bill...
Alcoa Inc. AA -2.92% reported that first-quarter earnings fell 69% as the company was squeezed by lower aluminum prices and higher costs for energy. The company said it would contend with sluggish aluminum prices by cutting costs, limiting production and relying more on high-margin end products less vulnerable to slumping metal prices, such as bolts and wheels for cars and airplanes. The Pittsburgh-based company, viewed as a bellwether because it is typically the first major U.S. company to report quarterly results, posted net income of $94 million, or nine cents a share. That was down from $308 million, or 27 cents a share, a year earlier. Sales edged up 0.8% to $6.01 billion. The world's largest aluminum maker's results topped the average forecast of a loss of three cents a share in the...
Vedanta Resources announced that aluminum production for Q4 2012 was 4% higher at 177,000 tonnes in Q4 and 5% higher at 675,000 tonnes for the full year respectively as compared with the corresponding prior periods. The 500 kilo tonne per annum Jharsuguda I smelter produced 115,000 tonnes in Q4 up 6% while the 245 kilo tonne per annum BALCO-II smelter contributed 62,000 tonnes in line with the corresponding prior quarter. The Jharsuguda-I Aluminium smelter has stabilized with most of the key parameters including power consumption at normal operating levels. The BALCO-II smelter operated at its rated capacity for the full year. The 1 million tonne per annum Lanjigarh Alumina refinery has been operating near its rated capacity and its Alumina production was 30% higher at a record 240,000...
ALCOA left the future of 600 jobs at its Point Henry aluminium smelter in Geelong hanging despite reporting a surprise first-quarter profit in the face of depressed metal prices. Addressing analysts in the US for the group's March quarter profit report, Alcoa chairman and chief executive Klaus Kleinfeld gave the Geelong workers little reason to be hopeful the smelter would continue beyond June. The US aluminium giant is the managing 60 per cent partner in the ageing smelter, with Melbourne-based Alumina holding the remaining 40 per cent. Alcoa has responded to the collapse in aluminium prices to less than $US1 a pound by slashing its global aluminium production by 530,000 tonnes annually. “And by the way, I mean the 530,000 tonnes that we have taken off line may not be the end. I mean we...
MCX Aluminium plunged to 3-month lows by 0.9% or Rs 0.95 to Rs 106.15 per kg with its high at Rs 107.55 per kg and low at Rs 106.05 per kg on Tuesday, 10th April. Aluminium was interpreting a downtrend since March 2012 and further slumped to its 3 month lows amidst the huge short selling in the market with 7% rise in its open interest to 7721 lots. As the LME is opened after along weekend, the volume traded stood at 9859 lots compared to 1223 lots traded last day. The contract traded below 9-day EMA and RSI stood in oversold region at 23.8. Depreciation in Rupee cramped the metal from its further fall. At LME, Aluminium dropped for the third consecutive day and stood near to the 3-month lows. Aluminium edged down by 0.1% at $2089 per tonne on Tuesday. The weaker demand from China, gloomy...
Russia exported 547,800 metric tons of primary aluminum in January-February, 2.6% more than in the corresponding period last year, the federal customs service reported late Friday. The aluminum exported in January-February was worth $1.157 billion, compared with $994.5 million a year ago. Aluminum exports to countries outside the Commonwealth of Independent States in January-February totaled 538,000 tons worth $1.134 billion. Exports to CIS states totaled 9,800 tons worth $22.4 million.
Alcoa Inc. continues to look for high-cost smelting and refining capacity for potential capacity cuts, a goal that chief executive Klaus Kleinfeld called a "strong commitment." Speaking to analysts on Tuesday's conference call after the aluminum giant released its first-quarter results, Chairman and Chief Executive Klaus Kleinfeld said: "We continue to look at our portfolio and we continue to monitor the outside world. And by the way, the 530,000 tonnes that we've taken offline may not be the end." In early January, Alcoa announced it would slash its global smelting capacity by 12 percent, becoming the first producer to take direct action to cut costs amid a steep drop in metal prices. On Tuesday, Kleinfeld named as possible facilities for capacity cuts Alcoa's Point Henry smelter in...
Tajikistan Aluminum Co. said Monday that it produced 73,362 metric tons of primary aluminum in January-March, 8% more than in the fourth quarter 2011. The company plans to increase its output this year by 20%, to 332,500 tons. In 2011 the company's output fell by 20% on the year to 278,000 tons because of problems with electricity supplies. A small proportion of the primary aluminum produced by the company is processed in Tajikistan every year, the rest goes for export. In 2011 Tajikistan exported 277,700 tons of aluminum. Aluminum exports accounted for 52.9% of Tajikistan's total in that year.
Alcoa Inc. said on Tuesday it lowered by 1 percentage point its outlook for China's aluminum consumption growth in 2012, but kept its forecast for global demand growth at 7 percent. In 2011, global primary aluminum use grew by 10 percent. Alcoa now expects China's aluminum demand will grow by 11 percent in 2012, down from the 12 percent pace it projected in early January, Chairman and Chief Executive Klaus Kleinfeld told analysts on the company's first-quarter conference call. It also trimmed its projected 2012 outlook for Asian aluminum use minus China to 8 percent from 9 percent previously. Consumption increased by 15 percent in China and by 10 percent in Asia excluding China during 2011. The aluminum giant left its outlook for India's demand growth at 10 percent, matching last year's...
New Delhi: After Kakarapar Atomic Power Station (KAPS) in Gujarat, state-owned aluminium major Nalco is looking to set up another nuclear power plant in collaboration with Nuclear Power Corporation of India Ltd (NPCIL). An NPCIL-Nalco joint venture is already executing unit 3 and 4 of Kakarapar Atomic Power Station (KAPS) in Gujarat of 700 MW capacity each, which requires a total investment of about Rs 12,000 crore. "We are in talks with NPCIL for the second project. There are three options to set up the plant at West Bengal, Odisha and Rajasthan. We are looking at 1,500 MW atomic power project with 49 percent stake," National Aluminium Company Ltd (Nalco) Chairman B L Bagra said in an interview. NPCIL would be the operator of the project with 51 percent stake. He added that a final...
Aluminum producer Alcoa Inc on Tuesday reported a first-quarter profit after a loss in the fourth quarter of 2011 as a result of improved market conditions. Income from continuing operations in the first quarter was $94 million, or 9 cents per share, compared with a profit of $309 million, or 27 cents per share in the same quarter last year. Revenue rose slightly to $6 billion, Pittsburgh-based Alcoa said.
Aditya Aluminium Ltd, a unit of AV Birla group company Hindalco Industries, has lined up Rs 10,000-cr expansion plan to ramp up capacity of its aluminium smelter and captive power plant (CPP) proposed at Jharsuguda in western Odisha. The aluminium company intends to double smelter capacity from 0.36 million tonne per annum (mtpa) to 0.72 mtpa and scale up CPP capacity from 900 MW to 1650 MW. “Aditya Aluminium has presented a capacity expansion plan to the state government. But the expansion has not been referred to the High Level Clearance Authority (HLCA) yet. The Single Window committee has asked the company to abide by certain conditions recommended by the state task force on aluminium at its last meeting held in January this year,” a top official source told Business Standard. The...
Rusal, the world's largest aluminum producer, confirmed that its shareholder, another aluminum giant SUAL Partners Ltd, filed a statement of claim with the London Court of International Arbitration last week, Rusal reports. SUAL Partners Ltd is owned by Russian billionaire Viktor Vekselberg and Leonard Blavatnik. The defendants also include the Glencore trading company (which holds a 8.75-percent stake in Rusal), En+ Group Limited, and its owner Oleg Deripaska. The dispute concerns some arrangements between the parties. SUAL Partners, which has a 15.8-percent stake in Rusal, claims that some contracts between Rusal and Glencore were concluded in breach of the shareholders agreement and seeks an injunction prohibiting the contracts implementation and damages, Rusal reports. Rusal does not...
In trading on Monday, shares of Century Aluminum Co. (NASD: CENX) entered into oversold territory, changing hands as low as $7.93 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Century Aluminum Co., the RSI reading has hit 29.5 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 37.8, the RSI of Spot Gold is at 36.8, and the RSI of Spot Silver is presently 40.7. A bullish investor could look at CENX’s 29.5 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for...
Below are the three companies in the Aluminum industry with the highest forward earnings yields. Using projected earnings for the current fiscal year, the forward earnings yield is useful to compare a stock's return vs. owning a similar stock or other yield assets (e.g. bonds). Generally, the higher the earnings yield, the more undervalued the stock.Noranda Aluminum ranks highest with a forward earnings yield of 8.6%. Kaiser Aluminum is next with a forward earnings yield of 6.5%. Alcoa ranks third highest with a forward earnings yield of 5.0%. Alumina follows with a forward earnings yield of 1.6%, and Century Aluminum rounds out the top five with a forward earnings yield of 0.7%. SmarTrend recommended that its subscribers protect gains by selling shares of Century Aluminum on March 5th,...
ALCOA is eager to dispel myths about why its quarterly reports mark the unofficial start of earnings season. No, it has nothing to do with its alphabetical order in the Dow Jones industrials - its ticker symbol is "AA" - or even its status as an economic bellwether. Alcoa's habit of publishing financial statements faster than any other major company began under chief executive Paul O'Neill, who later became Treasury secretary, as a way to show off its management prowess and financial controls. Today’s report, in which Alcoa is expected to report first-quarter earnings of US2c a share, down from 27c a year earlier, will show the limits of even the most ruthlessly efficient organisation in the face of a challenging economy. Think of the aluminium industry as a big treadmill with all of its...
