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 1,860-1,900/mt on 3rd Sept : SMM Morning Review
US Federal Reserve Chairman Bernanke said in central bank meeting last Friday that US unemployment rate remained high and the Fed would take measures to help economic recovery if necessary. Expectations for easing policies remain. In response, LME aluminum broke through USD 1,900/mt to a high of...
LME aluminum should move between USD 1,875-1,910/mt on 30th Aug: SMM Morning Review
Markets are cautious about whether or not Federal Reserve Chairman Bernanke will signal QE3 in his speech on Friday. This is because final reading of the US 2Q GDP was upwardly revised overnight and July pending home sales index was far better than forecasts, adding hurdle to the introduction of...
July World Aluminum Stocks rose by 44,000 metric tons to 2.344 million tons
Total world aluminum inventories in July rose by 44,000 metric tons to 2.344 million tons, according to figures released Tuesday by the International Aluminum Institute. The revised figure for world stocks in June stood at 2.300 million tons. July stocks were down 295,000 tons compared to the same...
LME aluminum should move between USD 1,900-1,925/mt on 29th August: SMM Morning Review
Markets are eyeing Federal Reserve Chairman Bernanke’s speech due this Friday, which may signal QE3. However, mixed data of the US overnight casted doubt on whether easing policies can be introduced. Investors are awaiting bond-buying measures from ECB’s policy meeting due on September 6 to ease...
Nirmal Bang presents reports on base metals
Nirmal Bang has come out with its report on base metals. According to the research firm, further rise is expected in the prices of industrial metals as China announces another round of stimulus package. Industrial metals prices fell on Friday, largely tracking a volatile euro versus the dollar, but...
RUSAL trims outlook as profits hit by weak aluminium price
Russia's RUSAL, the world's top aluminium producer, reported sharply lower profits for the second quarter on Monday, battered by high inventories and low prices, and trimmed its outlook for global aluminium consumption. Despite a 72 percent drop in recurring net profit from a year ago, tight cost...
LME aluminum should be close to USD 1,919.5/mt on 27th Aug: SMM Morning Review
It was reported last Friday that the ECB is considering setting yield band targets under a new bond-buying program. Meanwhile, Fed Chairman Ben Bernanke said in a letter to a Congressional oversight panel that the Federal Reserve has room to deliver additional monetary stimulus, also boosting...
China July Aluminium output falls sequentially at -8% m/m
Aluminium output of China in July fell sequentially (-8% m/m), which is further supported by a trend of rising aluminium inventories in China during the July-August period, suggesting that weaker demand has offset the moderation in output, according to CNIA data. Domestic smelter production has...
LME aluminum to move between USD 1,880-1,910/mt: SMM Morning Review
China and Europe’s weak flash PMI reading for August raised expectations for easing monetary policies in the two regions. Combined with hint of possible QE3 by the US Federal Reserve (Fed), the US dollar extended losses for a fourth straight trading day to 81.221, the lowest for the month. In...
Aluminum exports remain strong in Canada
Canadian aluminum shipments were the bright spot in an otherwise quiet July. Steel shipments and shipments of aluminum in the US were nearly flat in both countries. US Service Center Activity; 121,700 tonnes of aluminum products were shipped by U.S. Service Centers in July an increase of 3.6% from...
LME aluminum to move between USD 1,860-1,890/mt: SMM Morning Review
According to minutes of latest interest rate meeting released by the Federal Reserve (Fed) overnight, most Fed members expressed the view that they would support the Fed to ease policies if economy fails to grow at a faster pace, which boosted market confidence. In response, the US dollar index...
NALCO blames heavy rains for damaged Coal stocks
National Aluminium Company (NALCO) has declared its first quarter results. The company’s net profit stands at Rs 223 crore versus Rs 377 crore on year-on-year (YoY) basis. In an interview to CNBC-TV18, BL Bagra, chairman and director-finance at NALCO says, the aluminium segment has been lagging....
LME aluminum to move between USD 1,850-1,880/mt: SMM Morning Review
Large-scale reverse repos by the People’s Bank of China on Tuesday raised expectations for more easing policies. Besides, expectations for stimulus policies from the ECB and Fed also helped boost market confidence. As a result, the US dollar index dropped below 82, adding momentum for commodities...
LME aluminum should move between USD 1,820-1,850/mt
The delayed loose monetary policy by the People’s Bank of China, fall of Shanghai Composite Index below 2,100 points as well as renewed worries over the European debt crisis due to rising bad loans of Spanish banks, dampened investors’ confidence. In response, LME aluminum opened lower overnight...
LME aluminum should move between USD 1,820-1,860/mt: SMM Morning Review
The US economic data was mixed overnight. Building permits in the US jumped to four-year high in July and Philadelphia Federal manufacturing activity narrowed contraction in August compared with July, easing market risk aversion. German Chancellor Merkel’s promise to support the euro later in the...
Aluminum company shares expected to climb
Aluminum company shares are poised to return more than the metal they make as financial contracts mask a glut by limiting supplies and raising costs for buyers. United Co. Rusal, the biggest producer, will climb 29 percent in Hong Kong trading and Oslo-based Norsk Hydro ASA, 27 percent, the average...
LME aluminum alloy stocks in S Korea drop 40% to 7,820 mt
Stocks of aluminum alloy ingot stored at the London Metal Exchange warehouse in Guangyang of South Korea have dropped to 7,820 mt on August 9, down 39.6% from 12,960 mt on July 9, according to recent LME data. The stocks have dropped mainly due to Japanese buying, fueled by the LME aluminum alloy...
LME aluminum should move between USD 1,845-1,875/mt: SMM Morning Review
The slowing global economy dashed hopes for consumption growth. Coupled with stronger risk aversion overnight, LME aluminum extended losses for a fourth straight trading day and dipped to a low of USD 1,855/mt. Total positions were up 4,345 lots to 711,584 lots. As shorts dominated, LME aluminum...
