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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Aluminium financing deals could unravel -analysts
Financing deals that have tied up most aluminium inventories in warehouses could unravel as the global economic crisis deepens and banks look to unlock funds, said William Adams, an analyst at Basemetals.com, on Wednesday. "There is a potential for further problems on the banking side of things,...
Major aluminum market developments in September
Aluminum prices were pounded in September by growing concerns for global demand prospects and while the market has steadied above those lows, some analysts expect it to fall back to levels where producers will start to curb output. Mr Will Adams analyst of Fastmarkets said that "I think metals...
September aluminum shipments from US distributors up on year
A total of 126,200 st of aluminum products were shipped by US service centers in September, up 6.6% from the same month a year ago, but down from 135,900 st of aluminum shipped in August, according to the monthly activity report from the Metals Service Center Institute released Tuesday. For 2011...
LME,SFE Aluminium market position
Supportive to copper prices were lower inventories of the metal at LME warehouses. Latest data showed stocks down 2,900 tonnes to 450,200 tonnes, still about a third higher since last December. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.8 percent from Sept....
Japan September Aluminum Port Stocks Down 4.1% On Month
Aluminum stocks held at major Japanese ports at the end of September fell 4.1% from a month earlier, a trader at a major Japanese house said Thursday. Aluminum stocks totaled 231,400 metric tons, with 126,700 tons in Yokohama, 90,700 tons in Nagoya and 14,000 tons in Osaka. End-August stocks were...
Weak aluminum extrusion price in Tokyo
Aluminum extrusion market price is flat with potential weakness at around JPY 715 per kilogram for aluminum alloy bar for A5056B, JPY 780 for free cutting bar for A2011B and JPY 545 for shape for A5056B around Tokyo. The dealers built up the aluminum extrusion inventory through June. Some dealers...
South China Aluminum: Downstream Buying Interest Down After Weekend Stock Replenishment
SHFE aluminum prices opened high on Monday after China’s National Day holiday. Meanwhile, downstream buyers in south China were eager to purchase for replenishment on the first weekend after the holiday, leading to a slight increase of spot aluminum prices in the local. Mainstream transactions were...
Outlook on Aluminium: Kotak Commodity
MCX Aluminum may trade with positive bias tracking international exchange. Prices may continue to seek support from falling stocks at exchange warehouses. Stocks at LME fell 18600 tonnes last week. Support for Aluminum October contract is seen at Rs.107 while resistance of Rs.110.5.
US aluminum scrap prices said on fragile ground
Aluminum scrap prices have come under pressure after one large consumer stepped away from the market and others refuse to buy long. The lack of visibility on year-end production volumes has made scrap buyers wary of purchasing forward, they told AMM, noting that they have built sufficient inventory...
Global aluminum stocks soar to 3 million tons in August - IAI
According to statistics released by the International Aluminum Institute, the global aluminum stocks in August increased 15,000 tonnes to reach 2.662 million tonnes from 2.647 million tonnes in July. In addition, the figures increased by 210,000 tonnes in comparison of 2.452 million tonnes in...
Outlook on Aluminum: Kotak Commodity
MCX Aluminum may note some decline tracking copper prices. However, falling stocks at SHFE warehouses may cap the downside. Stocks at SHFE fell 9.6% or 10537 tonnes last week while those at LME fell by 5575 tonnes yesterday. Support for Aluminum September contract is seen at Rs.107 while resistance...
Aluminium leads the non-ferrous pack
Primary aluminium production is steady and so are inventories—both with producers and LME warehouse stocks. Aluminium has been an outperformer among non-ferrous metals. Between January and now, its price on the London Metal Exchange (LME) has fallen by 12%, only half of the decline suffered by base...
Destocking Wave Soars at Aluminum Plate, Strip & Foil Producers on Terminal Demand Plunge
Disappointing sales for home appliance have exposed producers to stock pressure as well as excessive capacity woes. The destocking wave has now spread into the aluminum plate, strip & foil industry. China’s “old-for-new” and “countryside home appliance” programs have failed to drive up home...
East China Aluminum: Pre-holiday Stock Building Ends, Goods Holders Wait
Traded prices of spot aluminum in Shanghai were between RMB 17,110-17,150/mt on September 28th, with premiums of RMB 180-200/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,180-17,220/mt. Traded prices of spot aluminum in Wuxi were between RMB...
North American aluminum demand rises 6% through July: association
Preliminary estimates indicate that aluminum demand in the US and Canada -- shipments by domestic producers plus imports -- totaled an estimated 12.317 billion lb during the first seven months of 2011, 6% above the same period of 2010, according to the Aluminum Association. Demand for...
East China Aluminum: Spot Price Struggles at RMB 17,000/mt, Stock Building Only at Lower Prices
Traded prices of spot aluminum in Shanghai were between RMB 16,980-17,020/mt on September 26th, with premiums of RMB 180-200/mt over the SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,020-17,050/mt. Traded prices of spot aluminum in Wuxi were between RMB...
China aluminium imports rise 55%MoM, SHFE inventories down 75% YTD
Even as concerns of a Chinese slowdown dominate markets, August data shows that Chinese primary aluminium imports rose a staggering 55% month-on-month in August at 11.7 Kt. Aluminium imports rose by 55% to 11.7Kt and exports of aluminum declined to 1.9 Kt making China a net-importer of the mental...
East China Aluminum: Spot Price Plunges, Downstream Stock Building Seen
Traded prices of spot aluminum in Shanghai were between RMB 17,050-17,090/mt on September 23rd, with premiums of RMB 80-150/mt over SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,100-17,140/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,040-17,080/mt....
