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 1,900-1,930/mt on 6th Nov : SMM Morning Review
Wait-and-see sentiment dominated the market ahead of the final result of the US presidential election. Greece is conducting another round of expenditure cuts to guarantee next batch of bailout fund. Greece is slipping to the verge of default, causing market risk aversion to grow and pushing the US...
LME aluminum should move between USD 1,900-1,940/mt on 5th Nov : SMM Morning Review
The final reading of the euro zone’s manufacturing PMI was 45.4 in October, pointing to contraction for 15 straight months. The US nonfarm payrolls surged by 171,000 in October, while unemployment rate climbed slightly to 7.9%, briefly lifting commodities. However, forecast-beating nonfarm payrolls...
LME aluminum to move between USD 1,900-1,930/mt on 1st Nov: SMM Morning Review
LME aluminum hovered above the 5-day moving average after opening at USD 1,920.8/mt during the Asian session. However, LME aluminum retreated from the 5-day moving average to a low of USD 1,904/mt during the European session, down USD 14.8/mt or 0.77%, as higher-than-expected unemployment rate in...
LME aluminum should move between USD 1,890-1,925/mt on 31st Oct: SMM Morning Review
The US financial markets were closed on Monday and Tuesday due to the Hurricane Sandy. The pullback of bond yields in Spain and Italy eased market worries. Thin trading sent the US dollar index below 80, helping base metals rebound during the European session. LME aluminum regained USD 1,900/mt and...
Chalco posts fourth straight quarterly loss
Aluminum Corp of China Ltd (Chalco), the country's top aluminium maker, posted its fourth straight quarterly net loss in the third quarter, hurt by low aluminium prices and rising costs. Slower economic growth in China, the world's largest producer and consumer of the lightweight metal, and...
LME aluminum should move between USD 1,880-1,910/mt on 30th Oct: SMM Morning Review
Spiraling bond yields in Spain and Italy aggravated borrowing costs and turned investors to the safety of the US dollar. The US dollar index was firm above 80 overnight as a result. The US economic data was mixed. Trading was even thinner as the US stocks market was closed on Monday and Tuesday...
China aluminium stockpiles double on high output, slow demand
Commercial stocks of primary aluminium in China have doubled this year after consumption slowed while production stayed strong in the world's top consumer and producer of the metal, sources at smelters, analysts and traders said on Friday. Commercial stocks of primary aluminium ingots at warehouses...
LME aluminum should move between USD 1,915-1,945/mt on 26th Oct: SMM Morning Review
The US durable goods orders for September jumped more than expected by 9.9% on a monthly basis, the biggest growth since 2010, easing bearish sentiment. However, the US dollar index bounced back to 80 after hitting bottom, weakening upward momentum of commodities. LME aluminum was trapped within...
Japanese trading houses not buying primary aluminum despite supply easing
Japanese trading houses are not buying primary aluminum ingot from the spot market despite supply easing, market sources said Wednesday. Supply on a spot basis was available due to non-Japanese customers reducing order volumes and spot demand in Asia not as strong as previously expected, the...
China Aluminum Stockpiles Seen at Two-Year High on Supply Glut
Aluminum stockpiles in the main trading regions in China have climbed to the highest level in two years as growth in supply outpaces demand in the world’s largest user, according to two industry surveys. Reserves in Shanghai, Wuxi and Hangzhou, and in Guangdong province gained to about 940,000...
LME aluminum should move between USD 1,920-1,950/mt: SMM Morning Review
HSBC’s flash China manufacturing PMI for October rose from September, pointing to contraction for 12 consecutive months, but expectations remain on rebound of the Chinese economy. However, preliminary manufacturing PMI in the euro zone for October continued to shrink, weighing down data in Germany...
Aluminium seen USD 1950 per tonne on average in 2013 - Chinalco
Reuters reported that abundant stocks of aluminium and lukewarm demand in the global market may cap prices on the London Metal Exchange at about USD 1,950 per tonne on average next year from just above USD 2,000 expected this year. Mr Yang Xiaowu director of futures department at Aluminum...
LME WEEK-Aluminium seen $1,950/T on average in 2013-Chinalco exec
Abundant stocks of aluminium and lukewarm demand in the global market may cap prices on the London Metal Exchange at about $1,950 per tonne on average next year from just above $2,000 expected this year, a senior Chinalco official said. Yang Xiaowu, director of futures department at Aluminum...
Alumina Prices at Lianyungang Port Will Continue to Face Downward Pressure
According to SMM's survey, alumina prices at port were between RMB 2,650-2,670/mt despite rising imported alumina prices in September. This is because increasing supply of alumina at port has curbed the big increase in prices. Traders told SMM that imported alumina at Lianyungang port were quoted...
Japan end Sep aluminium stocks up by 5pct
Reuters reported that aluminium stocks held at 3 major Japanese ports stood at 273,900 tonnes at the end of September up 4.9% from 261,000 tonnes a month earlier. Trading house Marubeni Corporation said that the stocks at the end of September were up 18.4% from 231,400 tonnes in the same month in...
LME aluminum should move between USD 1,970-2,010/mt: SMM Morning Review
Growing risks of the euro zone debt crisis and sluggish consumption against oversupply of spot aluminum ingot drove LME aluminum prices down. LME aluminum dipped to a low of USD 2,002.3/mt during the European session, falling most sharply among base metals. LME aluminum failed to rebound due to...
LME aluminum should move between USD 2,020-2,065/mt on 10th Oct: SMM Morning Review
The International Monetary Fund (IMF) further revised down its forecast for global economic growth for 2012 and 2013 on October 9. The IMF also warned that global economy will continue to deteriorate unless the euro zone debt crisis and the US fiscal tightening are under control. The EU finance...
Commodities prices fell across the board
Base metals erased previous gains on Wednesday and thus more or less followed a sell-off of risky assets. Moreover, some traders might have closed positions ahead of 5 days holiday in China which starts next week. Prices of both copper and aluminium thus fell by more than 1.5 percent. The aluminium...
