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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Japan premium for imported aluminum rises to $130-135/mt plus LME cash
Spot premium for imported primary aluminum ingot has risen to $130-135/mt plus London Metal Exchange cash CIF Japan Monday, the first change since March 14 when it stood at $122-127/mt, according to Platts data. No spot deal has been reported since contract negotiations for the second quarter ended...
Exclusive - Glencore unit ramps up metal stores in Dutch hot spot
A warehouse company owned by commodity trader Glencore (GLEN.L) is rapidly expanding its lucrative storage facilities at a Dutch port that has become a hub for storing aluminium, a metal increasingly used by bankers and traders as a financing tool. The move in warehousing comes as banks and trading...
SHORT SELLING PULLED DOWN ALUMINIUM TO 6-WEEKS LOW AT MCX
Aluminium plunged to 6-weeks low at MCX extending the weekly losses and stood near to the major support level of Rs 107.7 per kg. Huge short selling with 36% rise in its open interest to 4833 lots hammered the metal at domestic bourses MCX. Aluminium shed by 0.5% or Rs 0.55 to Rs 107.8 per kg with...
Alcoa: Not Much Upside Without Increase In Aluminum Prices
The aluminum business has been in quite a rut as aluminum prices have fallen significantly from their 2011 highs. The recent announcement by China of prioritizing low inflation over growth hasn't helped either. The fact that the LME Aluminum Warehouse Stocks Level are at 5 year highs compounds the...
Shanghai Metals Market Morning Review - 2012/3/26 Aluminum Market
LME aluminum closed down at USD 2,175/mt last Friday, after paring losses with a weakening US dollar. Volatile aluminum inventories, however, had limited the metal’s ability to recover losses. Transacted contracts dropped 7,947 lots to 12,590 lots. SMM expects LME aluminum to open at USD 2,180/mt...
Shanghai Metals Market Morning Review - 2012/3/22 Aluminum Market
LME three-month aluminum plunged USD 41.5/mt or 1.84% overnight to USD 2,212.5/mt after stocks climbed a further 6,825 mt to 5,088,775 mt and US home sales data for February came out missing expectations. Positions for the light metal surged 14,600 lots. Slow Chinese consumption and hampered US...
Shanghai Metals Market Morning Review - 2012/3/21 Aluminum Market
LME aluminum closed down USD 25/mt or 1.1% at USD 2,254/mt after founding its low at USD 2,237/mt. The metal moved mainly against the US dollar index, which climbed but fell later. Latest LME aluminum stocks surged 13,000 mt to 5,081,950 mt. While the Greek debt crisis has temporarily eased and US...
Economic downturn and Chinese exports hit Europe’s alufoil output
European aluminium foil (alufoil) output fell in 2011 as the economic downturn and a surge in imports from China combined to give the industry a tough 12 months. One industry insider told FoodProductionDaily.com that Chinese shipments into Europe had almost doubled last year and that the threat...
Banks Sit on Huge Aluminum Stocks, Collect Rent
New fronts are opening up in Europe and Asia in the battle between banks and trading houses to expand their storage hubs for aluminum, a metal meant for use in manufacturing but increasingly viewed as a store of value. Until recently, the battle was almost exclusively confined to one location,...
New fronts open in aluminium storage battle
New fronts are opening up in Europe and Asia in the battle between banks and trading houses to expand their storage hubs for aluminium, a metal meant for use in manufacturing but increasingly viewed as a store of value. Until recently, the battle was almost exclusively confined to one location,...
Japan end-Feb aluminium stocks -4.8 pct m/m - Marubeni
Aluminium stocks held at three major Japanese ports came to 264,500 tonnes at the end of February, down 4.8 percent or 13,300 tonnes from a month earlier, trading house Marubeni Corp said on Monday. Marubeni collects data from the key ports of Yokohama, Nagoya and Osaka. Port Yokohama Nagoya Osaka...
Shenhuo Group Chairman: China 2012 Aluminum Demand To Rise 5%-10%
China's aluminum industry is likely to grow in 2012 at its slowest rate in more than three years, with consumption likely to rise 5%-10% year-on-year, the chairman of major aluminum producer Henan Shenhuo Group said Thursday. Speaking to Dow Jones Newswires on the sidelines of China's annual...
North American service center aluminium shipments show growth YoY
January 2012 service center shipments continued to grow on YoY basis in both the US and Canada. In the US, steel shipments grew at 9.0% and growth in aluminum shipments was just over 10% In Canada steel shipments were up almost 3.0% year over year and aluminum shipments grew by over 16% from...
Hulamin FY HEPS decline
Hulamin (HLM) on Monday reported diluted headline earnings per share of 25 cents for the year ended December 2011 versus 26 cents a year ago. Rolled Products sales volumes increased 11% to 208,000 tons and turnover grew 20% to R6.96 billion, due to strong performances in both Hulamin Rolled...
Rusal Plans to Keep First-Quarter Output Stable, Sell Inventory
United Co. Rusal, the world’s largest aluminum producer, plans to keep output stable in the first quarter, and sell some of the stockpiles accumulated last year, as prices rise. "We plan to keep the volume of production stable in the first quarter,” First Deputy Chief Executive Officer Vladislav...
Japan Jan aluminum port stocks at 32-month high as demand declines
Stocks of primary aluminum stored at Japan's three main international ports at the end of January totaled 277,800-280,000 mt, the highest level in 32 months, due to a flurry of ships arriving amid a slowdown in domestic demand, local traders said Monday. Stocks of primary ingot, billet, slab and...
Japan Jan Aluminum Stocks up 12 Pct Mth/Mth -Marubeni
Aluminum stocks held at three major Japanese ports came to 277,800 tonnes at the end of January, up 30,500 tonnes, or 12.3 percent, from a month earlier, trading house Marubeni Corp said on Friday. Marubeni collects data from the key ports of Yokohama, Nagoya and Osaka.
Shanghai Metals Market Morning Review - 2012/2/9 Aluminum Market
LME three-month aluminum initially hit USD 2,299/mt on Wednesday but closed down USD 3.5/mt or 0.16% at USD 2,251.5/mt due to worries towards worsening of the Greek debt crisis. LME aluminum stocks climbed further overnight, by over 10,000 mt to above 5.03 million mt, a record high. While demand...
