SHFE aluminium falls, East China premium pulls back
Today, the centre of SHFE aluminium futures fell from the previous trading day, market shipment sentiment was relatively pronounced, and overall spot aluminium transactions shifted to discounts. Today, market transactions for A00 aluminium ingot premiums were between a discount of RMB 40 per tonne...
Concerns over liquidity tightening ease marginally, aluminium prices are under pressure at high levels in the short term
Futures: SHFE aluminium closed at RMB 24,010 per tonne, down 0.62 per cent, with the price breaking below MA5 (around 24,160) but holding slightly above MA10 (23,988.5); short-term moving average support faces a test, while medium-term MA30 (23,469.5) and MA60 (23,699.67) remain in bullish...
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SHFE aluminum to aeet strong resistance
SHFE 1609 aluminum will meet strong resistance and move at RMB 12,550-12,800/mt on Monday. Positive June manufacturing PMIs from major economies will push LME aluminum up to USD 1,650-1,675/mt. In China’s spot aluminum market, spot premiums of RMB 0-40/mt are expected over SHFE 1607 aluminum...
Aluminium poised near the range resistance
The MCX-Aluminium future continued to trade within the INR97-INR112 range for the sixth consecutive month. It is currently poised near INR112; the upper end of the range. If the contract reverses lower from here, it can then fall to INR105 and INR103 in the coming weeks. On the other hand, a strong...
LME aluminium to move wildly, SHFE 1608 aluminium jumps on tumbling stocks
Manufacturing PMIs from major economies to be released today will leave LME aluminium moving in a wide range of USD 1,635-1,660/mt. SHFE 1608 aluminium will challenge previous highs and move at RMB 12,600-12,800/mt. On Wednesday’s (June 29) night trading, SHFE 1608 aluminium dipped to RMB 12,320/mt...
SHFE aluminium to hover at highs
Strike threat in Norway and falling crude oil supply in Venezuela allowed crude oil prices to stay at highs. LME aluminium has been rising for two consecutive days, nearing last week’s high, and should remain strong at USD 1,625-1,645/mt today. Tight supply in domestic spot market and strong LME...
SHFE aluminium to meet resistance
Impact from UK leave vote is fading. Blast in Turkey and falling crude oil stocks supported crude oil prices. LME aluminium will return to levels seen before UK vote result and move at USD 1,620-1,640/mt today. SHFE 1608 aluminium has met growing resistance and should move at RMB 12,340-12,480/mt....
Short squeeze to boost SHFE aluminium prices, SMM reports
A potential short squeeze is in sight, and this will bolster SHFE near month aluminium contract prices, most market players contacted by SMM predict. Positions of SHFE 1607 aluminium are 111,144 lots yesterday, which require 277,860 tonnes of aluminium for delivery. However, inventories of...
SHFE aluminium to see range-bound trading as caution prevails
SHFE 1608 aluminium will trade in a tight range of RMB 11,850-12,000/mt today on strong market caution. The US dollar will gain favor before referendum on UK exit from the EU. LME aluminium will face downward pressure and move at USD 1,600-1,625/mt. In China’s spot aluminium market, spot premiums...
SHFE 1608 aluminium ends with small loss
During night trading on Tuesday, June 14, SHFE 1608 aluminum dipped to RMB 11,765/mt after opening at RMB 11,850/mt, and ended at RMB 11,780/mt. On Wednesday, June 15, SHFE 1608 aluminum rose to RMB 11,880/mt after opening at RMB 11,780/mt. The most active contract ended the day down RMB 40/mt at...
MCX aluminium resumes short-term uptrend
Since recording a multi-year low at INR 93 per kg in October 2015, the aluminium futures contract traded on the Multi Commodity Exchange (MCX) has been on an intermediate-term uptrend. However, the key resistance at INR 111 which is also 50 per cent Fibonacci retracement level of the prior...
45% Chinese aluminium smelters bearish toward aluminium prices this week
SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 45 per cent of them expect SHFE 1608 aluminium to fall below RMB 11,800/mt and LME aluminium below USD 1,560/mt. First, the price spread between SHFE 1606 and 1607 aluminium contracts is as big as...
SHFE aluminium to see big volatility
China will release money supply for May today. Six Chinese aluminium smelters will hold a meeting today to discuss aluminium prices. This will leave SHFE 1608 aluminium moving widely between RMB 11,750-11,970/mt today. A strong dollar will send LME aluminium down to USD 1,560-1,580/mt. In China’s...
Aluminium up by 1% on global cues
Aluminium prices edged up by INR 1.10 to INR 107.20 per kg in futures trade on Thursday, June 9, as participants enlarged their positions, supported by a strong spot demand in the physical market. In futures trading at the Multi Commodity Exchange, Mumbai, aluminium for delivery this month inched...
SHFE 1607 aluminium rises on pre-holiday downstream stocking
On Tuesday’s night trading, SHFE 1608 aluminium jumped to RMB 11,745/mt after opening at RMB 11,640/mt. But prices then fell back to RMB 11,590/mt and ended at RMB 11,710/mt. On Wednesday, SHFE 1608 aluminium opened at RMB 11,710/mt. Pre-holiday downstream stocking triggered short covering on SHFE...
Aluminium futures up 0.48 pc on overseas cues
Aluminium prices edged up by 0.48 per cent to Rs 103.85 per kg in futures trade today as participants widened positions amid a firming trend overseas. Strong demand in the spot market also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery this month inched up 50 paise...
SHFE aluminium trades up
SHFE 1607 aluminium fell to RMB 12,060/mt after opening at RMB 12,125/mt overnight. But prices then rallied to RMB 12,290/mt before ending at RMB 12,230/mt. On Thursday, SHFE 1608 aluminium shifted to the most active contract and opened at RMB 12,065/mt and advanced to RMB 12,165/mt, to end at RMB...
Chinese aluminum is back on the rise
An interesting article in Reuters this week examines the Chinese aluminum market trends. It points out that the statistics coming out of China are even more unreliable than normal showing rises and falls of millions of metric tons from month to month. Specifically, Chinese output supposedly slumped...
SHFE 1607 aluminum ends with gains
On last Friday’s night trading, SHFE 1607 aluminum dropped to RMB 12,170/mt after opening at RMB 12,200/mt. But prices then rallied to RMB 12,295/mt before ending at RMB 12,230/mt. On Monday, SHFE 1607 aluminum briefly dipped to RMB 12,175/mt after starting at RMB 12,230/mt. The contract then moved...
SHFE aluminium to lose rising momentum
SHFE 1607 aluminium will meet resistance at the 5-day and 40-day moving averages and move at RMB 11,950-12,200/mt on Friday on fading effect from falling aluminium stocks, SMM observed in an early morning forecast. LME aluminium will fluctuate at USD 1,540-1,560/mt, with resistance at the 60-day...
