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 2,070-2,110/mt on 28th Sept: SMM Daily Review
The Spain's draft budget for 2013 released overnight would cut overall spending by USD 51 billion, easing market worries over the euro zone debt crisis. Despite forecast-beating weekly jobless claims in the US, a string of other economic data were downbeat in the US including August durable goods...
World August unwrought aluminum stocks down 153,000 mt from August 2011
Global unwrought aluminum inventories at the end of August were down 28,000 mt from July and down 153,000 mt from August 2011, according to figures released Wednesday by the International Aluminium Institute. Unwrought inventories totaled 1.330 million mt at the end of August, down from 1.358...
LME aluminum should move between USD 2,050-2,090/mt on 27th sept: SMM Morning Review
Aid to Spain and Greece met resistance, aggravating the debt crisis in the euro zone. The downbeat US new home sales for August also added to concerns. In this context, risk aversion grew, pushing the US dollar index up to 80 and weighing down commodities. LME aluminum lacked upward momentum in...
LME aluminum should move between USD 2,080-2,130/mt on 21th Sept: SMM Morning Review
Weak manufacturing flash PMI of China and the euro zone for September raised worries over slack global demand for base metals. In response, LME aluminum tumbled to a low of USD 2,100/mt at the tail of Asian session. LME aluminum was deprived of upward momentum due to short selling following the...
LME aluminum should move between USD 2,120-2,170/mt on 19th Sept: SMM Morning Review
Market focus has shifted to the global economy. Spiraling borrowing costs of Spain and Greece’s possible exit of the euro zone have rekindled apprehension over the European debt crisis. In this context, the euro dripped, pushing the US dollar index above 79. Trading volumes of LME aluminum were...
LME aluminum should move between USD 2,130-2,190/mt on 17th Sept: SMM Morning Review
The US dollar index retreated below 79 for consecutive days due to the introduction of QE3. In response, LME aluminum jumped to a high of USD 2,199/mt during European session, the highest since March, 27. Trading volumes also shot up. Finally, LME aluminum ended the day up USD 74/mt or 3.49% to...
Russal copnsiders Aluminum financing deals to be still profitable
Financing deals tying up aluminum inventories are still profitable as interest rates remain at historical lows, a status quo that is likely to last for some time, a senior executive at United Co. Rusal said Thursday. "The current positive forward curve, low interest rates and growing premiums...
LME aluminum should move between USD 2,090-2,040/mt on 14th sept: SMM Morning Review
Market focus shifted to the Fed’s decisions in its interest meeting overnight. The Fed announced QE3 in order to maximize employment in a context of price stability and to promote a stronger economic recovery. The Federal Reserve will purchase $40 billion a month in mortgage-backed securities until...
Japan end-Aug aluminium stocks up 11 pct m/m
Aluminium stocks held at three major Japanese ports stood at 261,000 tonnes at the end of August, up 11 percent from 235,100 tonnes a month earlier, trading house Marubeni Corp said on Tuesday. The stocks at the end of August were up 8.2 percent from 241,200 tonnes in the same month in 2011....
LME aluminum should move between USD 2,060-2,100/mt on 13th Sep: SMM Morning Review
Germany’s Constitutional Court overnight ratified the bailout fund by the European Stability Mechanism (ESM) under condition that German liability in the rescue fund must be limited to 190 billion euros and that both chambers have the right to be consulted on the ESM's activities. In response, the...
LME aluminum should move between USD 2,015-2,065/mt on 11th Sep: SMM Morning Review
China’s imports were down as much as 2.6% YoY in August and above-scale industrial added value dropped 0.3 percentage points, highlighting aggravated downward risks of the Chinese economy and raising expectations for policy easing by the People’s Bank of China. Downbeat US nonfarm payrolls in...
U.S.aluminum premiums rose higher
U.S. aluminum premiums inched higher Friday to another all-time record as supply remains tight. Midwest P1020 spot premiums rose to 11 to 11.5 cents per pound Friday from 11 to 11.4 cents previously, with some traders reporting deals for immediate delivery as high as 12 cents per pound. U.S. supply...
LME aluminum should move between USD 2,000-2,050/mt on Monday: SMM Morning Review
According to the US Labor Department, the US nonfarm payrolls increased by a seasonally adjusted 96,000 jobs in August, far lower than forecasts, raising market expectations for easing monetary policy in the Fed interest rate meeting due on September 12. In this context, the US dollar index dived...
LME aluminum should move between USD 1,950-1,980/mt on 7th Sept: SMM Morning Review
According to the ECB meeting overnight, the ECB will leave interest rates unchanged and agreed on unlimited purchases of government bonds. The ECB, however, expressed pessimism over the economic outlook of the euro zone over the next two years. The US ADP survey indicates that the jobs created were...
LME aluminum should move between USD 1,940-1,980/mt on 6th Sept: SMM Morning Review
It was reported overnight that the ECB is drafting a bond-buying plan, which involves unlimited and sterilized purchases of government bonds maturing in three years or less, boosting market confidence in Thursday’s ECB meeting to solve the European debt crisis The US dollar index fell as a result,...
LME aluminum should move between USD 1,915-1,955/mt on 5th Sept.
The US ISM manufacturing PMI for August was 49.6 overnight, far below forecasts and the lowest since July, 2009. Manufacturing PMI of global three largest economies pointed to contraction in August, rekindling market apprehension over the global economy and helping the US dollar index rebound....
Rusal launches online trading platform
Rusal has launched an online trading platform for its suppliers so contractors are now able to obtain comprehensive information regarding competitive selections and place their bids via the company's website, the Russian aluminium producer said Monday. "The main goal of Rusal's production strategy...
Aluminium Declines even though Inventories Show Sharp Correction
A sharp correction in LME inventories was not enough to save Aluminium from declines. The total Aluminium inventories were down by 10000 tonnes on Wednesday alone. The total inventories now stand at 5049100 tonnes. Selling pressure was noted on account of Spain crisis and some weak economic reports...
