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 warehouse war goes global
Now we know how the clash of the titans played out in the aluminium market last December. It's one of the quirks of the London Metal Exchange's (LME) arcane trading system that the monthly "third Wednesday" prime prompt actually takes place on the Monday of the week, December 19th in this case. And...
Shanghai Metals Market Moring Review - 2012/2/7 Aluminum Market
LME aluminum stocks surged by over 30,000 mt overnight to above 5 million mt, damping market sentiment. Greece failed to agree on an austerity plan, postponing the reform meeting until today as it seeks financial aid. A rebound in worries towards Greek defaults weighed on the euro and induced...
Shanghai Metals Market Morning Review - 2012/2/1 Aluminum Market
LME aluminum for three-month delivery opened at USD 2,280/mt and hit USD 2,310/mt supported by gains in oil prices during initial trading on Tuesday. The metal dropped and closed down 1.15% at USD 2,248/mt, however, after US home and manufacturing data came out missing expectations and causing more...
Production cost key determinant for aluminium prices: RBC Capital
The marginal cost of production will be a key determinant for aluminium prices for the next three years, RBC Capital Markets said in a research note Tuesday. As part of its first-quarter outlook, the Canadian investment bank believed that due to high inventory levels and low capacity utilization...
LME Aluminum inventories top 5 million MT but Chinese output cuts expected
Aluminum inventories topped a milestone level Tuesday, although Chinese output cuts may be coming, said Commerzbank said in a research note. Metal stored in London Metal Exchange warehouses climbed above 5 million metric tons the first time ever Tuesday. “In principle, this is probably due to...
Shanghai Metals Market Morning Review – 2012/1/20 Aluminum Market
LME aluminum market overnight went higher after opening USD 2,210/mt following a stronger euro from solid debt auctions by Spain. Later, the US dollar index advanced along with the US positive employment data and the news that Fitch may cut credit ratings of six eurozone nations. As a result, LME...
Charleston Aluminum Announces an Increased Range of Aluminum Armor Plate Inventory for Armor Vehicle Production
Charleston Aluminum is proud to announce an increased range of ballistically tested armor plate is now held in warehouses across the country. The new range of alloys, sizes and volumes of aluminum armor plate materials offers solutions for armored vehicles with the highest possible performance...
UPDATE-1-LME aluminium stocks hit record high above 5mln T
Stocks of aluminium held in warehouses monitored by the London Metal Exchange jumped to a record of above 5 million tonnes, as stocks were delivered against the LME's January contract, in part to free up capital, market participants said on Tuesday. "We've been saying for a little while that there...
Shanghai Metals Market Morning Review – 2012/1/19 Aluminum Market
LME aluminum market overnight opened at USD 2,217/mt due to favorable debt auctions by Spain and positive economic data in the US. During the session, LME aluminum prices dropped to USD 2,190/mt, but later were supported by the news that Greek debt talks will resume. Finally, LME aluminum market...
Japan Dec aluminium stocks up 12% month per month
Aluminium stocks held at three major Japanese ports came to 247,300 tonnes at the end of December, up 12 percent from 221,500 tonnes at the end of November, trading house Marubeni Corp said on Friday.
LME CEO: Detroit Warehouse Queues Won't Vanish Overnight
Queues to take aluminum out of warehouses in Detroit won't vanish overnight once a requirement kicks in for a unit of Goldman Sachs Group Inc. (GS) to increase deliveries, the chief executive of the London Metal Exchange said Thursday. Martin Abbott said delays in taking metal out of Detroit...
Shanghai Metals Market Morning Review - 2012/1/13 Aluminum Market
A further drop in China’s CPI growth and successful Spanish and Italian debt sales overnight boosted market confidence. An unexpected surge in unemployment claims later in the US to nearly 400,000, however, weakened such support. LME aluminum hit an intraday high of USD 2,197/mt overnight, but...
UPDATE: Cost Of Storing LME Aluminum In Detroit To Jump 10% From April
The cost of storing aluminum in London Metal Exchange- approved warehouses in Detroit has soared by nearly 10% following the exchange's decision to force a Goldman Sachs Group Inc. (GS) subsidiary to double the rate at which it delivers metal out of its facilities there. The new rent of 45 cents a...
Analysis: Aluminum traders to producers: Cut like it's 1994
To find a precedent for the deep, lasting output cuts that aluminum producers must make to put a floor under prices, traders are looking a lot further back than the last recession. Three years ago, with the global economy convulsing in the throes of a serious recession, smelters worldwide started...
Low aluminum prices dent Alcoa earnings
Low aluminum prices may sharply eat into the fourth-quarter earnings of Alcoa Inc., the largest U.S.-based producer of the light metal. Analysts say it could report net income of 1 cent a share, down from 21 cents a share a year earlier, or even show a small loss, according to a Bloomberg survey....
Alcoa Earnings Estimates Plunge After Aluminum Drop: Commodities
Alcoa Inc. earnings estimates have plunged the most in three years as analysts’ expectations mount that the biggest U.S. aluminum producer may even record a fourth-quarter loss. Net income will tumble 94 percent to 1 cent a share from 21 cents a year earlier, according to the average of 18...
Cost Of Storing LME Aluminum In Detroit To Jump 10% From April
The cost of storing aluminum in London Metal Exchange- approved warehouses in Detroit has soared by nearly 10% following the exchange's decision to force a Goldman Sachs Group Inc. (GS) subsidiary to double the rate at which it delivers metal out of its facilities there. The new rent of 45 cents a...
IAI: November World Aluminum Stocks -40,000 Tons At 2.394 Mln Tons
Total world aluminum inventories fell 40,000 metric tons in November to 2.394 million tons, after a slight fall in European stocks, according to figures released Wednesday by the International Aluminum Institute. Stocks were higher, though, compared with the same month of 2010, when inventories...
