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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Aluminium stocks hit record 5.17m tonnes on LME
Inventories of aluminium registered by the London Metal Exchange (LME) rose on Tuesday to an all-time record of 5.17 million tonnes in a market with a structural surplus. Stocks have surged since the 2008 financial crisis as banks spotted money making opportunities from financing deals that...
LME aluminum should move between USD 1,930-1,950/mt on 23rd Nov: SMM Morning Review
HSBC flash China manufacturing PMI jumped to 50.4 in November, a 13-month high. However, investors remained wary of buying at higher prices. Thin trading was reported in LME market during the European session as the US stock markets were closed for the Thanksgiving Day. The decline of the US dollar...
LME aluminum should move between USD 1,900-1,950/mt on 22st Nov: SMM Morning Review
Greece failed to secure another round of bailout funds, aggravating worries over the European debt crisis and driving commodities down. The US economic data came in mild. The University of Michigan’s consumer sentiment for November was lower than estimates and preliminary reading, causing market...
LME aluminum should move between USD 1,950-1,980/mt on 21st Nov: SMM Morning Review
Moody’s downgraded France’s sovereign debt rating on Tuesday, offsetting optimism brought by the upbeat existing home sales in the US. The EU finance ministers meeting was discussing Greece’s application for 15 billion euros worth of bailout funds during the European session, turning investors...
Rising China's Aluminum production aggravates supply surplus
Mainland China's aluminum output remains strong, meaning the market is still not getting the supply cuts necessary to start whittling down ample global supplies, said Barclays Capital in an assessment of a report on Chinese base metal output in October. According to the British bank, copper and...
LME aluminum should move between USD 1,950-1,985/mt on 20th Nov: SMM Morning Review
Market was digesting optimism during the European session brought by the initial agreement reached on the US fiscal cliff. The US existing home sales grew for 16 straight months in October, boosting market confidence on the US economic recovery. LME aluminum was mired during the early European...
LME aluminium stocks set to hit record 5 mt
Aluminium stocks on the London Metal Exchange (LME) are poised to hit another all-time record above five million tonnes (mt) as soon as next week in a market swamped by a structural surplus. Stocks are also likely to keep touching fresh records throughout next year as no end is in sight to chronic...
Slackening global demand to hit aluminium prospects
The world’s most abundant metal aluminium, has been an under performer in the base metals complex owing to weak demand and rising inventories at LME. The metal that has wide usage in packaging, aerospace, automobiles, construction and power, amongst other sectors, has been witnessing slackening...
LME aluminum should move between USD 1,930-1,970/mt on 19th Nov: SMM Morning Review
The US industrial production slid by 0.4% in October from last month, falling short of expectations. Along with the fiscal cliff in the US, LME aluminum sank to a low of USD 1,930/mt during the European session. Later, President Obama held talks with the Republican and Democratic Party and reached...
LME aluminum should move between USD 1,950-2,000/mt on 15th Nov: SMM Morning Review
Market was absorbing positive news on the State Reserve Bureau (SRB)’s purchase of aluminum ingot, which has been postponed to Thursday. LME aluminum jumped to a high of USD 2,007/mt during the European session. However, the industrial output in the euro zone slid steeply in September from August,...
LME aluminum should move between USD 1,940-1,990/mt on 14th Nov: SMM Morning Review
Greece raised 4.062 billion euros in short-term bond sale, helping the euro stabilize at the lower end. Still, the debt crisis in Greece tends to deteriorate, capping gains of commodities overnight. LME aluminum was weak in early European session, but touched a high of USD 1,989/mt as positive news...
China issues tenders to buy 160,000 tonnes of primary aluminium ingots from local smelters
China’s State Reserves Bureau (SRB) has issued tenders to buy 160,000 tonnes of primary aluminium and 150,000 tonnes of zinc ingots from local smelters, sources said, the first clear sign Beijing is resuming metals stockpiling. The sources, who received the tender notices, said the reserves body...
The issue of surplus haunts aluminium again
The issue of surplus has come back to haunt aluminium again taking a toll on bullish projections. Following September’s QE- and positioning-fuelled rally, retracement over the past month has taken LME aluminium prices back down towards the $1,900/t level. This move lower has been more than...
China issues tender to stockpile aluminum - sources
China's State Reserves Bureau (SRB) has issued a tender to buy 160,000 tonnes of primary aluminum from local smelters, two sources who received the tender notice said on Monday. The tender is the first concrete sign that the country is resuming a programme of stockpiling base metals, with the...
LME aluminum should move between USD 1,880-1,920/mt on 12th Nov: SMM Morning Review
China’s economic data for October showed that domestic inflationary pressure eased and PPI rebounded slightly MoM, but fell sharply YoY, curbing gains of LME aluminum prices during Asian session to some extent. The US dollar index jumped above 81 during the European session due to concerns over the...
LME aluminum should move between USD 1,900-1,930/mt on 9th Nov: SMM Morning Review
Investors are expecting more economic stimulus measures from the 18th CPC National Congress opened yesterday, helping ease concerns over the US fiscal cliff and European debt crisis. The US dollar index climbed to 81 during the European session, but LME aluminum was resilient to declines and only...
LME aluminum should move between USD 1,900-1,930/mt on 8th Nov: SMM Morning Review
President Barack Obama has been re-elected to a second term, causing the US dollar index to plunge. Market focus later shifted to the US “fiscal cliff” for 2013 and Greece austerity vote. Rumor has it that the EU will revise down its economic forecast for next year, dampening sentiment. In...
China to resume stockpiling base metals soon
China is expected to soon resume stockpiling of some base metals, including copper and aluminium, buying them from domestic smelters hurt by weak demand, industry sources said on Tuesday. China is the world's top consumer of industrial metals, but its smelters, hit by slowing economic growth, have...
