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 with in USD 1,820-1,850/mt on16th May
Q1 GDP in France, Spain and Italy contracted. Germany’s GDP pointed to slight growth in the first quarter, but still missed forecasts. As a result, Q1 GDP in the euro zone declined 0.2%, contracting for a sixth straight quarter. The US dollar index surged above 84 on weak European economic data. It...
China aluminum capacity cuts won't solve glut: CRU
China has temporarily halted 1 million metric tons a year of primary aluminum capacity so far this year and could cut a further 300,000 tons capacity in the country's east before year-end if metal prices remain low, but this won't solve the global industry's overcapacity problems, CRU consultants...
SMM Morning Review: LME aluminum should move within USD 1,840-1,880/mt on15th May
German ZEW economic sentiment edged up to 36.4 in May, but was well below expectations, suggesting dim economic outlook in the euro zone. Meanwhile, there was nothing cheerful about US economic indicators. As a result, the US dollar index rose to 83.687, weighing down commodity prices. LME aluminum...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on14th May
It was announced yesterday that China’s April industrial value added and consumer goods retail sales rebounded slightly, but missed expectations. Fixed asset investments in urban areas in the first four months this year slowed from the same period last year. Base metal output during the first four...
SMM Morning Review: LME aluminum should move within USD 1,850-1,890/mt on13th May
Markets were digesting mixed economic indicators for April last Friday. Interest rate cuts by central banks and improvement in US labor market alleviated market concerns some, but US dollar index broke through 83, sending LME aluminum down from USD 1,904/mt to USD 1,848.8/mt. LME aluminum rebounded...
SMM Morning Review: LME aluminum should move within USD 1,870-1,910/mt on10th May
The National Bureau of Statistics announced yesterday that China’s CPI rose 2.4% YoY in April, but PPI declined 2.6% YoY, both missing forecasts. Although the latest US initial jobless claims continued to drop, the figure buoyed market confidence only limitedly. LME aluminum tried to reach USD...
SMM Morning Review: LME aluminum should move within USD 1,890-1,930/mt on 9th May
China saw trade surplus in April, alleviating concerns over slowing export-oriented economy. As a result, the US dollar index retreated from 82, helping commodity prices rebound. Longs entered the market, sending LME aluminum above USD 1,900/mt. Nevertheless, LME aluminum trimmed gains after...
SMM Morning Review: LME aluminum should move within USD 1,860-1,895/mt on 8th May
Despite plunge in the Australian dollar yesterday following interest rate cuts, the euro was firm on better-than-expected Germany's March manufacturing orders, sending the US dollar index down. This lent some support to LME aluminum. However, LME aluminum failed to break through the 5-day and...
Aluminium inventories increase by 10825 tonnes
Aluminium inventories appreciated by 10825 tonnes to 5163650 tonnes compared to last night the official data from London Metal Exchange revealed. Aluminium inventories are already at all time highs and the rampant rise is causing markets to destabilize. China, which is the key market of Aluminium,...
SMM Morning Review: SHFE 1308 aluminum contract should move within a RMB 14,650-14,750/mt range
It was announced last Friday that the US April non-farm employment increased more than expected by 165,000 and unemployment rate fell to the lowest in four years at 7.5%. These positive data offset the decline in March factory orders and worse-than-expected April ISM non-manufacturing index in the...
SMM Morning Review: LME aluminum to fluctuate between USD 1,800-1,850/mt on 2nd May
The final reading of April manufacturing PMI from the US and China fell far short of forecasts. Coupled with disappointing ADP employment in the US, LME aluminum sank to USD 1,817.5/mt overnight. Shorts aggressively entered the market, forcing longs to take profit, with trading volumes in excess of...
SMM Morning Review: LME aluminum will fluctuate between USD 1,910-1,940/mt on 26th April
The US initial jobless claims dropped more than expected to 339,000 in the week ended April 20. Rising unemployment rate in Spain and France raised hopes for interest rate cuts by central banks. Longs entered the market at low prices, pushing LME aluminum to a high of USD 1,944.3/mt. Finally, LME...
SMM Morning Review : LME aluminum expected to fluctuate between USD 1,890-1,910/mt on 25th April
The US durable goods orders declined 5.7% MoM in March, the biggest decline in eight months and well below expectations. The US dollar index fell below 83, helping LME aluminum find support at USD 1,900/mt. However, weak economic data curbed gains of LME aluminum, which met resistance at the 30-day...
Declining aluminium price prompts Rio Tinto to negotiate a better deal from Meridian
Forecasts for global aluminium prices bode ill for negotiations between Tiwai Point's owner, Rio Tinto, and state-owned enterprise Meridian Energy. The declining aluminium price prompted Rio Tinto to try to negotiate a better deal from Meridian for the smelter's power, which is sourced from Lake...
LME aluminum should fluctuate between USD 1,870-1,910/mt on 24th April
The preliminary April manufacturing PMI from China and the US both fell sharply. The euro zone’s manufacturing index shrank to the lowest for the year, and Germany’s economy was also dragged down. These downbeat figures pushed the US dollar index up to 83. On the other hand, a mild rise in the US...
Aluminium market view for the week ending April 19, 2013
LME three months prices dipped below $ 1,850/t in mid-April, before short-covering moved the price back up towards $1,900/t. Commodities markets have been underperforming other asset classes this year, and the latest data out of China delivered another unpleasant surprise which sent commodity...
SMM Morning Review : LME aluminum will fluctuate between USD 1,850-1,895/mt on 23rd April
The US existing home sales dropped 0.6% in March to an annualized 4.92 million units, far below expectations. The consumer confidence index in the euro zone was in negative territory, but did improve some from previous reading. This eased market worries and forced the US dollar index to surrender...
Optimism about aluminium fades as economies falter
As Rio Tinto and Meridian Energy haggle over the price of power for the Tiwai Pt aluminium smelter, optimism about the metal's future has faded in line with modest expectations for world growth, Deutsche Bank says in its quarterly commodities report. The bank said the "considerable" optimism with...
