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 fluctuate in the band of USD 1,900-1,940/mt on 27th March
LME aluminum inventories approached 5.24 million mt yesterday, near a record high. Durable goods orders in the US rose more than expected in February, but the country’s consumer confidence index shrank considerably in March and annualized new home sales in February also missed forecasts. In this...
China’s limited aluminum stockpiling makes upward pressure on prices
China’s state Reserves Bureau carried out the second tender bid for aluminum ingot on the morning of 15th Mar,with base price for stockpiling of 15137 yuan per ton.The manufactures who took part in this competitive tender including Chinalco, China Power investment Corporation,Wanji, Yunnan...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,930-1,970/mt on 25 March 2013
In order to secure EUR 10 billion bailout fund, the parliament of Cyprus is trying to find a solution to complete EUR 5.8 billion worth of financing, easing market worries. A weaker US dollar helped commodity prices rebound during the European session last Friday. LME aluminum rose to test...
China's State Reserves Bureau buys 300kt of aluminium
As depressed light metal prices continue to batter the global aluminium industry, China’s State Reserves Bureau, Beijing’s stockpiling agency, plans to buy up to 300kt of aluminium for delivery between April 1 and May 31. China acounts for 40% of global aluminium output and the move by the SRB,...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,945/mt on 22nd March
The preliminary March manufacturing PMI from China and the US rose appreciably, but this was offset by contraction in manufacturing activity in Germany and France and uncertain aid package in Cyprus. As a result, LME aluminum retreated from the 5-day moving average, with its low-end price sinking...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,920-1,960/mt on 21st March 2013
Markets were optimistic over the result of the US Federal Reserve (Fed)’s interest rate meeting, attracting dip-buying and helping LME aluminum hit a high of USD 1,956/mt. The Fed stated last night that it will keep low interest rate and QE3 in place. However, uncertainty over Cyprus’s aid package...
SMM Morning Review: SHFE 1306 aluminum price should fluctuate between RMB 14,600-14,700/mt on 20th March
The US housing starts were reported up 0.8% in February to hit a 5-year high, driving LME aluminum to climb to USD 1,952.8/mt. However, the increase was limited as market mainly focused on the vote for tax imposition in Cyprus. The US dollar soared above 83 as Parliament rejected the proposal for...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,950/mt on 19th March
Investors continue to worry about the European debt crisis after Cyprus decided last Saturday to impose tax on bank depositors, triggering sell-off in stock markets and commodities. As such, LME aluminum drifted lower after a low opening, with the low-end price slipping to USD 1,927.5/mt and...
LME aluminum should fluctuate between USD 1,940-1,980/mt on 18th March: SMM Morning Review
The US Labor Department announced last Friday that the country’s CPI grew by 0.7% in February. The New York Federal Reserve reported its Empire State manufacturing activity index fell in March to 9.24, falling short of expectations. Despite a better-than-expected 0.7% growth in industrial...
China perpetuates oversupply of aluminum
A number of the base metals are in oversupply right now, which is keeping prices depressed. BMO Capital Markets analyst Jessica Fung places some of the blame on Chinese reserve buying. She noted that China’s State Reserve’s Bureau has issued tenders to buy 300,000 tonnes of primary aluminum from...
Beijing stockpiling agency to buy 300,000 tonnes of aluminium
Beijing’s powerful stockpiling agency is to buy 300,000 tonnes of aluminium in the coming weeks, in one of the most significant attempts to support the struggling Chinese metals industry since the 2008-09 crises. As well as being the largest consumer of industrial metals, China is the top producer...
LME aluminum should fluctuate between USD 1,950-1,990/mt on 14th March 2013 : SMM Morning Review
The industrial output in the euro zone fell 0.4% MoM in January, missing forecasts and dampening market sentiment. Despite a 1.1% MoM growth in the US retail sales in February, the US dollar index jumped above 83, weighing down base metals prices. LME aluminum rose to challenge resistance at USD...
LME aluminum should fluctuate between USD 1,950-1,990/mt on Wednesday: SMM Morning Review
Markets are cautious ahead of the release of US February economic indicators due later this week. Shorts liquidated positions to avoid risks after the US dollar index plunged overnight, helping LME aluminum regain support at near the 10-day moving average and hit a high of USD 1,986.8/mt. LME...
China Aluminum Output in January on Capacity Additions
Aluminum production in China, the biggest producer and user, climbed to a record in January on capacity additions, data from the National Bureau of Statistics showed today. Production was 1.78 million metric tons in January, according to Bloomberg calculations based on the data. The figure exceeded...
Global Market view on Aluminium
LME three months prices were trading below $2,000/t at the time of writing. Sentiment remains weak amidst the potential turmoil in the Eurozone caused by the gridlock in Italian general elections, the US government sequester coming into effect on March 1, and disappointing data out of China. In the...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,940-1,970/mt on 12th March
It was announced last Friday that China’s CPI hit a 10-month high in February. The Fitch Ratings downgraded Italy’s credit rating due to unstable political situation in the country following the general election. These negative news drove LME aluminum down to USD 1,935/mt during early European...
SMM Morning Review: LME aluminum will fluctuate in the band of USD 1,940-1,970/mt on 11 March 2013
The US announced last Friday that its nonfarm payrolls increased by 236,000 and unemployment rate declined to 7.7%, both better than expected. However, improvement in labor market rekindled worries that the Federal Reserve may end QE3 early, driving the US dollar index up to near 83 and curtailing...
Weakening prospects of aluminium increases pressure on non-ferrous metal producers
Companies such as Sterlite Industries and Hindalco are expected to face pressure in coming months as the prospects for industrial commodities such as aluminium are weakening. Recent major events such as indication of lower bond by the US Fed, slowdown in China’s consumption and higher inventories...
