Macro rate hike expectations bring periodic pressure, while destocking in China provides solid bottom support
Futures: The most-traded SHFE aluminium contract opened at RMB 24,310 per tonne in the night session on September 10, reached a high of RMB 24,310 per tonne and a low of RMB 24,075 per tonne, and closed at RMB 24,125 per tonne, down RMB 365 per tonne or 1.49 per cent from the previous close....
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...
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LME aluminum settled at USD 2,010/mt, down USD 5/mt or 0.25%
Successive downgrades on Spanish debt lead to heavier pressure on the nation’s banks and continue to stir risk aversion. The unexpected plunge in US pending home sales index for April added to market worries. The US dollar index hit 83,116, a record high this year, as investors flocked to the haven...
Bargain Hunting Favoures Aluminium
Aluminium edged up by 0.3% or Rs 0.35 at Rs 110.15 per kg with an intraday high at Rs 110.3 per kg and low at Rs 109.35 per kg on Monday, 28th May. Bargain hunting with 3.4% drop in its open interest to 2193 lots and the improvement in the risk appetite in the global markets favored the sentiment....
LME aluminum settled up up USD 13/mt or 0.65% at USD 2,027/mt: SMM Morning Review
Markets were closed overnight in countries including the US, Germany and France due to holidays, leading to light trading. The US dollar index was pressured during early European trading, helping LME aluminum test pressure at the 10-day moving average. The light metal failed to present any...
World unwrought aluminum stocks up 63,000 mt in April: IAI
Global unwrought aluminum inventories at the end of April increased 63,000 mt from March but fell 80,000 mt from April 2011, according to figures released Monday by the International Aluminium Institute. Unwrought inventories totaled 1.454 million mt at the end of April, up from a revised 1.391...
LME aluminum prices settled down 20.5/mt at USD 2,007.5/mt
Overnight rumors that Greece may have to leave the euro zone ignited panic selling of all commodities. The US dollar index broke through 82 to a new high since September 2010 as investors flocked to the safer US dollar. LME aluminum prices dropped for a third successive trading day, settling USD...
Aluminium surged by 0.6% or Rs 0.7 at Rs 109.85 per kg
Bucking off the trend, Aluminium was the only metal surged for the second consecutive day by 0.6% or Rs 0.7 at Rs 109.85 per kg on Thursday, 17th May and tested an intraday high of Rs 109.95 per kg and Rs 108.8 per kg. Short covering with 7% dip in its open interest to 3258 lots favored the metal...
Global Aluminum Market With 384,000-ton Surplus!
There is a huge demand supply gap in the prevailing aluminium market according to Metal Statistics. The global aluminum market was in a surplus by 384,000 metric tons between January and March, the World Bureau of Metal Statistics said Wednesday. This compares with a 1.81 million ton surplus in all...
Aluminium prices continue to drift lower
Aluminium prices continued to drift lower over the past month and by mid-May were trading close to the lows of the year set in early January at just over $2,000/t. While macro uncertainties, particularly those re-emerging in Europe, have played the key role in guiding prices lower, the lack of...
SHFE aluminum settled down RMB 70/mt or 0.43% at RMB 16,065/mt on Friday: SMM Daily Review
SHANGHAI, May 14 (SMM) – The most active SHFE aluminum contract for August delivery settled down RMB 70/mt or 0.43% at RMB 16,065/mt on Friday, after opening lower at RMB 16,120/mt. Transacted contracts climbed to 20,000 lots. SHFE aluminum futures prices dropped continually last week, with the...
Goldman Sachs sees favorable economic prospects for aluminium
Goldman Sachs gave their outlook for aluminium as "bullish" supported by several factors such as rise in Chinese demand indicated by a fall in inventories at the London Metal Exchange, Shanghai Futures Exchange and COMEX amid constrained supply in the country. In a report released on May 2, 2012,...
LME aluminium struggles at USD 2,100/mt but spot aluminium prices could rise above RMB 16,200/mt: SMM Aluminum Price Forecast
Spot aluminum stocks did not increase following the May Day holiday. Due to transportation delays, aluminum stocks dropped in Guangdong. Domestic alumina prices climbed due to rumors of Indonesian export restriction, which in turn helped aluminum prices rebound. The most active SHFE aluminum...
RPT-Consumers battle warehouses for aluminium stock-Assomet
Makers of aluminium products in Italy are struggling to obtain metal stored in warehouses owned by banks and commodity traders, and are paying high premiums despite the market being in chronic oversupply, the country's non-ferrous metals body Assomet said. The oversupply and simultaneous lack of...
Shanghai Metals Market Morning Review - 2012/4/20 Aluminum Market
LME aluminum opened at USD 2,065/mt and dipped to USD 2,051/mt later pressured by weak US economic data. Successful Spanish debt auction afterwards helped the metal break through the 5-day moving average and finally settled near the level. Transacted contracts stayed above 10,000 lots while...
LME aluminum stocks dropped 7,425 mt to 5,045,275 mt: SMM Morning Review
The US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support the reserve currency while Spanish debt causes worries towards the euro zone debt crisis to stay. LME aluminum moved within a narrow band between USD 2,062.5-2,082.5/mt and settled up USD 9/mt or...
Aluminum Warehouse Orders, Premiums Signal Scarcity of Metal
Rising orders to draw aluminum from warehouses and higher premiums for the lightweight metal signal a tightening market even as London Metal Exchange stockpiles remain near February’s record high. Thirty-three percent of aluminum inventories monitored by the LME are awaiting delivery from...
Henan's Aluminum Smelters Cut Production by over 400,000 Mt
SMM sources report that some aluminum smelters have been suffering losses due to weak aluminum prices, and aluminum smelters in Henan Province have cut production by over 400,000 mt since China raised the price of electricity for non-residential use in 2011. Although many aluminum smelters have...
China Spot Aluminum Inventories Fall for Three Consecutive Weeks
According to a recent SMM survey, China’s spot aluminum inventories have fallen for three consecutive weeks (excluding the Qingming Festival). As of April 12, total stocks of aluminum ingot in Shanghai, Wuxi, Hangzhou, and Nanhai were 861,000 mt, down 11,000 mt from a week earlier and down 34,000...
Aluminum stocks at major Japanese ports fall 7.3% in March
Aluminum stocks at major Japanese ports at the end of March had declined 7.3% from a month earlier, a trader at a major Japanese house said Wednesday. Aluminum stocks totaled 245,100 metric tons, with 126,100 tons in Yokohama, 104,000 tons in Nagoya and 15,000 tons in Osaka. End-February stocks...
