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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LME aluminum should move between USD 2,060-2,100/mt on 19th Dec: SMM Morning Review
Most investors in Europe and the US are exiting the market as the Christmas Day draws near. As a result, positions of LME aluminum decreased as much as 32,592 lots. Investors are staying cautious before agreement is reached over the budget negotiations in the US. In response, LME aluminum retreated...
LME aluminum should move between USD 2,080-2,120/mt on 18th Dec: SMM Morning Review
The New York Federal Reserve Bank said on Monday its 'Empire State' manufacturing activity index fell to -8.10 in December and was well below forecasts, rekindling market risk aversion. President Obama is trying to solve the fiscal cliff before the Christmas Day. Otherwise, massive tax increases...
Dutch port city overtakes Detroit as largest aluminum storage site
The Dutch port town of Vlissingen stores 1.44 million tons of aluminum in London Metal Exchange warehouses, overtaking Detroit's inventory of 1.42 million tons, Bloomberg News reports. Nic Brown, the head of commodity research at Natixis SA in London is quoted by Bloomberg News as saying Detroit...
LME aluminum should move between USD 2,115-2,135/mt on 17th Dec: SMM Morning Review
The upbeat flash manufacturing PMI in China and the US for December boosted market confidence. However, manufacturing activity in the euro zone contracted in the fourth quarter, clouding market outlook. A weaker US dollar failed to give a lift to commodity prices. LME aluminum found it high at USD...
LME aluminum should move between USD 2,100-2,130/mt on 14th Dec: SMM Morning Review
The European finance ministers have reached a deal overnight during the two-day EU summit that all banks in the euro zone will come under the ECB supervision, a big step towards banking integration in the region. Greece’s application for the next round of bailout funds was also approved during the...
LME aluminum should move between USD 2,120-2,160/mt on 13th Dec: SMM Morning Review
The Federal Reserve (Fed) announced overnight that it will continue monthly purchase of USD 40 billion mortgage-backed securities, buy additional USD 45 billion long-term Treasury bonds and keep low interest rate unchanged until at least mid-2015 unless unemployment rate and inflation reach a...
LME aluminum should move between USD 2,080-2,120/mt on Wednesday: SMM Morning Review
According to the US Commerce Department’s release overnight, the US trade deficit expanded in October, with exports declining 3.6%, the biggest fall since 2009. No progress has been made over the US fiscal cliff. Markets are staying cautious ahead of the results of the interest rate meeting by the...
LME aluminum should move between USD 2,070-2,100/mt on Monday: SMM Morning Review
The US November nonfarm payrolls increased by 146,000 and unemployment rate fell to 7.7%, its lowest since December 2008, helping commodity price rebound. However, a lack of progress over the US budget negotiations and the upcoming US Federal Reserve interest rate meeting helped the US dollar index...
LME aluminum should move between USD 2,050-2,100/mt on Friday: SMM Morning Review
The Bank of England and European Central Bank (ECB) decided overnight to leave interest rates unchanged. The ECB revised down its economic forecast for the euro zone for the year of 2012 and 2013, increasing market worries and causing the euro to plunge. No progress had been made on the US budget...
LME aluminum should move between USD 2,080-2,120/mt on Thursday: SMM Morning Review
The US ISM non-manufacturing PMI rose slightly in November, but the growth of ADP’s employment data fell short of forecasts, weakening expectations for non-farm payrolls on Friday. The US dollar index staged a rally due to market risk aversion, curtailing gains of commodities. LME aluminum...
LME aluminum should move between USD 2,070-2,100/mt on 5th Dec: SMM Morning Review
The White House rejected the GOP’s proposal aimed at averting the looming fiscal cliff, combined with weak manufacturing PMI in the US, triggering worries over the US economic growth. Despite the decline in the US dollar index, LME aluminum retreated below USD 2,100/mt as shorts took profits at...
LME aluminum should move between USD 2,080-2,130/mt on 4th Dec: SMM Morning Review
China’s manufacturing PMI rose to a 7-month high in November. Risk appetite grew during the European session, pushing commodity prices up. The US November manufacturing PMI declined more than expected, increasing expectations for additional monetary policy easing, sending the US dollar index below...
LME aluminum should move between USD 2,090-2,140/mt on 3rd Dec: SMM Morning Review
LME aluminum continued to drift higher last Friday, buoyed by positive economic data in Europe and the US. LME aluminum briefly dipped to an intraday low of USD 2,057/mt after opening at USD 2,060/mt, but later broke resistance at the 60-day moving average all the way to near USD 2,100/mt. Finally,...
LME aluminum should move between USD 1,980-2,010/mt on 29th Nov: SMM Morning Review
Slow progress over the budget negotiations in the US and the decline of October new home sales released by the US Commerce Department overnight triggered concerns over the debt crisis in the euro zone and US. Investors turned to the safety of the US dollar as a result, curbing the upward momentum...
Aluminium Rises By 1.7 Percent On 26th Nov
Hopes have been very futile for bearish sentiments in November. Aluminium has seen sharp recovery on Monday on account of hopes that Greece will be able to avoid bankruptcy and things will move on industrial front in China. LME three month forward Aluminium prices were driven by these hopes and...
LME aluminum should move between USD 1,970-2,010/mt on 27th Nov: SMM Morning Review
Market risk appetite grew overnight as there was a good chance that the euro zone finance ministers would reach an agreement on approving Greece’s request for another round of bailout funds. As a result, LME aluminum jumped to a high of USD 2,000/mt during the European session before finally ending...
Aluminum Prices Shielded From Surplus
Aluminum prices look likely to remain propped up for some time, as the metal's popularity with nonmanufacturers, who hold the aluminum in anticipation of selling it at higher prices later, outweighs the bearish impact of a sizable production surplus. By all accounts, there is a lot more aluminum...
LME aluminum should move between USD 1,950-1,990/mt on 26th Nov: SMM Morning Review
News had it last Friday that disagreement between the IMF and EU over Greece’s request for another round of bailout funds narrowed and that consensus was likely to be reached in the short term, helping the euro stage a strong rebound and driving the US dollar index down to near 80. Although LME...
