LME aluminium price eases 0.3% on September 10; stocks remain stable at 244,525/t
The London Metal Exchange (LME) aluminium price graph contracted on September 10 across cash and contracts, with longer-dated contracts reporting nearly 1 per cent decline. The aluminium opening stocks, however, remained stable. The LME aluminium cash bid price shifted from USD 3,351.5 per tonne on...
LME aluminium price chart rises further to $3,325/t; stocks remain stable
The London Metal Exchange (LME) aluminium price chart continues to record an upward trend across the pricing and contract segments on the September 8 trading session, reporting gains over the September 7 close . Opening stocks remained stable, not reporting any further decline. The LME aluminium...
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SMM Morning Review: LME aluminum should move within USD 1,765-1,785/mt on 28th June
Initial jobless claims in the US in the week ending June 22 fell to 346,000. Personal income in the US rose 0.5% in May, and personal spending also grew 0.3%. Pending sales of existing home jumped 6.7% in May, the highest since December 2006. These data signal sustained recovery in the US economy....
LME eyes ways to ease warehouse bottlenecks
The London Metal Exchange (LME) is looking at new ways to solve problems in its controversial metals warehousing system as frustration builds among the exchange’s industrial users over supply bottlenecks, metals industry sources said. One option put forward for consideration is scrapping the...
Kotak says downside may be capped in aluminum
MCX Aluminum dropped on Tuesday amid range bound movements seen in international markets. MCX Aluminum June contract is trading at INR 103.55, down 0.19% on Tuesday. It opened at INR 103.45 and touched a low of INR 103. LME Aluminium traded marginally lower on Tuesday after noting 1.2% decline...
SMM Morning Review: LME aluminum should move within USD 1,760-1,790/mt on 27th June
The US Commerce Department announced that the final reading of US 1Q GDP was revised down to 1.8% from the preliminary reading of a 2.4% growth, fuelling worries over growth in the world’s largest economy. Downbeat data, however, also raised doubt over whether the US Federal Reserve will wind down...
SMM Morning Review: LME aluminum should move within USD 1,770-1,800/mt on 26th June
The People’s Bank of China (PBOC) said yesterday it will closely monitor short-term liquidity crunch, easing market worries. This helped China’s A-shares rebound following sharp declines earlier. The US durable goods orders rose 3.6% MoM in May. Home prices in major cities in the US grew 12.1% in...
SMM Morning Review: LME aluminum should move within USD 1,750-1,790/mt on 25th June
Investors pulled out of financial markets against liquidity crunch in China at the end of mid-year. As a consequence, China’s A-shares plummeted 5.3% on Monday, and gloomy outlook for demand in China added to market worries. Meanwhile, LME aluminum inventories broke through 5.44 million mt to a new...
Brewers press LME to cut aluminum warehouse backlogs
A trade group representing brewers is urging the London Metal Exchange to take steps to reduce warehouse backlogs that beermakers say boost the cost of aluminum used to make drinks cans. The Beer Institute in Washington pressed the exchange to “end restrictive and outdated warehousing rules and...
SMM Morning Review: LME aluminum should move within USD 1,780-1,810/mt on 24th June
The US Federal Reserve (Fed)’s plan to scale back QE3 later this year continued to affect market sentiment, pushing the US dollar index up above 82.5. However, base metals rebounded last Friday due to technical buying, except for LME aluminum, which closed with losses due to mounting inventories...
SMM Morning Review: LME aluminum should move within USD 1,820-1,850/mt on 19th June
LME aluminum inventories surged 69,000 mt to 5.35 million mt last night, a new record high. Mounting inventories fuelled concerns over tepid demand. Investors pulled out of the market ahead of the result of US Federal Reserve policy meeting, causing LME aluminum positions to tumble 22,439 lots to...
SMM Morning Review: LME aluminum should move within USD 1,830-1,870/mt on 18th June
LME aluminum inventories surged 59,600 mt to 5.28 million mt, a new record high. Spot aluminum inventories in China stopped falling following the Chinese Dragon Boat Festival, now holding stable at 1 million mt. Growing oversupply pressure sent LME aluminum below USD 1,850/mt to USD 1,833/mt during...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 17th June
The US Labor Market announced last Friday that the country’s PPI grew 0.5% MoM in May, markedly up from the estimate. However, industrial output in the same month was unexpectedly flat with April and missed forecasts. The University of Michigan Consumer Sentiment preliminary index fell sharply to...
SMM Morning Review: LME aluminum should move within USD 1,850-1,870/mt on 14th June
Chinese investors returned to the market from the three-day holiday yesterday, but downbeat economic figures ignited concerns over economic growth. Asian shares suffered losses, but dip-buying did help commodity prices fall at a slower pace. Greece’s unemployment rate in Q1 hit a new record high at...
Japan aluminum port stocks fall 2.2% in May
Stocks of aluminum at Japan's large ports fell 2.2% in May compared with April, a Japanese trading house said on Wednesday. Stocks totaled 272,300 metric tons- with 140,500 tons in Yokohama, 116,800 tons in Nagoya and 15,000 tons in Osaka. While the on-month decline signals a modest increase in...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 13th June
The US May non-farm employment increased more than expected by 175,000, implying sustained recovery of the US economy. However, this also ignited fear that the US Federal Reserve may wind down QE3. China’s CPI climbed 2.1% YoY in May, but PPI shrank unexpectedly to 2.9% YoY. China's industrial...
LME Aluminium Inventories Jumped By 18750 Tonnes In Single Day
LME Aluminium inventories jumped by as much as 18750 tonnes in the single day on 9 June 2013. The rise is probably on account of closure of Chinese markets for Dragon Boat festival which will mean lower demand for metal in spot. The rise in Aluminium was followed by sharp decline in prices. After...
SMM Morning Review: LME aluminum should move within USD 1,950-1,980/mt on 7th June
The European Central Bank decided last night to keep interest rate unchanged at 0.5% now that recently released economic indicators in Europe have suggested the European economy is recovering from recession. Market focus remains on US non-farm payrolls due tonight. Initial jobless claims announced...
Research agency urges investors caution on aluminum sector
Investors should take a cautious approach to the aluminum sector at a time of weak prices and persistent oversupply, BMO Research says, describing recently-announced output cuts at major producer Chalco as “not enough” to balance the China market. “Overproduction and high inventory levels continue...
Aluminium rallies on signs of output cuts
Aluminium rallied to the highest level in more than two months amid signs that smelters were finally beginning to respond to low prices by shuttering production capacity in scale. On Wednesday, Chalco, the Chinese state aluminium giant that is one of the world’s top producers of the metal,...
