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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Can China’s aluminium market self-correct?
China’s primary aluminium market is still showing every sign of being in supply-demand deficit. Stocks registered with the Shanghai Futures Exchange (SHFE) are still falling. As of last Friday they totalled 110,016 tonnes, down by 331,153 tonnes on the start of 2011 and the lowest level since the...
Aluminum shipments from US service centers rise in August
Aluminum shipments from US metals service centers in August showed improvement from both a year ago and the prior month, according to the monthly activity report from the Metals Service Center Institute. A total of 135,900 st of aluminum products were shipped by US service centers in August, an...
East China Aluminum: Transactions Limited as Bearish Tone Prevails
Traded prices of spot aluminum in Shanghai were between RMB 17,510-17,550/mt on September 19th, with premiums of RMB 120-160/mt over SHFE current-month aluminum price. Low-iron aluminum was traded between RMB 17,610-17,650/mt. Traded prices of spot aluminum in Wuxi were between RMB...
Outlook on Aluminium: Kotak Commodity
MCX Aluminum may trade with negative bias tracking weakness in copper prices. However recent fall in stocks at LME warehouses may cap the downside. Stocks at LME fell by 22950 tonnes last week while those at SHFE fell by 1334 tonnes. Support for Aluminum September contract is seen at Rs.109.5 while...
SMM Daily Review - 2011/9/16 Aluminum Market
Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,385/mt on September 16th. After hitting an intraday high of RMB 17,405/mt at the beginning of trading, the contract quickly slipped on profit taking by the longs with positions dropping by 3,758 lots, and finally closed at RMB...
East China Aluminum: Spot Price Stabilizes at Low-end, Stock Building on the Rise
Traded prices of spot aluminum in Shanghai were between RMB 17,650-17,680/mt, with premiums of RMB 130-150/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,730-17,750/mt. Traded prices of spot aluminum in Wuxi were between RMB 17,620-17,660/mt. Spot aluminum...
European Metal Trade and Recycling Federation Reports On Aluminium
Suddenly, in April a significant decrease in the offers has been noticed in the Benelux and in the rest of Europe. Were they preliminary signs of a worldwide economic recession? The offers and demands for nonferrous items were significantly weaker during the summer holiday. On top of that, it was...
RUSAL sees China importing aluminum
Russia's RUSAL (0486.HK), the world's largest aluminum producer, expects China to become a net importer of the industrial metal in "some quarters" of 2012, a senior RUSAL official said at the Reuters Russia Investment Summit. "Thus far, China has not become a net importer of aluminum, but only...
Japan Aug aluminium stocks up 18.5 pct m/m
Aluminium stocks held at three major Japanese ports came to 241,200 tonnes at the end of August, up 37,700 tonnes or 18.5 percent from a month earlier, trading house Marubeni Corp said on Monday.
Aluminum Metal Supplies Related to Bank Financing - LME
The increase in orders to take aluminum out of Detroit warehouses is related to banks using the metal for financing, said Martin Abbott, chief executive officer of the London Metal Exchange. The increase in so-called canceled orders at Detroit warehouses monitored by the LME is unrelated to “real”...
Rio Tinto Alcan CEO: Stable Aluminum Stocks Will Be Short-lived
The stabilization of aluminum inventories in exchange-approved warehouses may be short-lived as a result of a rising surplus during the second half, the chief executive of Rio Tinto Alcan said Thursday. According to Jacynthe Cote, total inventory has been declining in the number of weeks of...
SMM Al Survey: Consumption Sees Hope as “Gold September & Silver October” Starts
The SMM China Aluminum Ingot Trade Index rose slightly by 3.8% to 41% during August 29th to September 2nd, but was still below the balance line of 50%, indicating market sentiment remained low. Due to tightening credit supply, goods holders were actively liquidating to cash at lower prices, but...
Outlook on Aluminum: Kotak Commodities
MCX Aluminum may note some decline tracking copper prices. Also recent jump in stocks at LME warehouses may weigh on the prices. Stocks at LME fell by 20875 tonnes last week but are in the upper range for the year while those at SHFE fell by 7009 tonnes. Support for Aluminum September contract is...
SMM Aluminum Price Forecast (Sept. 5-9)
SHFE 1111 aluminum contract prices rose near the 5-day moving average last week, with low-end prices testing RMB 17,450/mt. Daily trading volumes were below 40,000 lots due to tight cash flows at month’s end, while intraday short-term speculative transactions caused positions to fall steadily....
Shanghai Aluminium Stockpiles at 3-1/2 Year Low
Shanghai Futures Exchange monitored aluminum inventories fell to a three-and-a-half year low. Aluminum inventories declined for a 25th week, falling 7,009 tons to 117,799 tons, the lowest level since February 2008, according to a survey of 20 warehouses in Shanghai, Guangdong, Jiangsu and Zhejiang...
Outlook on Aluminum: Kotak Commodity
MCX Aluminum may note some decline tracking copper prices. Also recent jump in stocks at LME warehouses may weigh on the prices. Stocks at LME rose by 75 tonnes yesterday and are in the upper range for the year while those at SHFE fell by 15,885 tonnes. Support for Aluminum September contract is...
South China Aluminum: Buying Interest Low, Low-priced Supply Limited
Buying interest in spot aluminum market of south China was low today with no purchases to build up inventories being reported. Goods holders were in no urgent need to sell, with only extremely few offered low-priced goods. Mainstream trading prices in the area were between RMB 17,930-17,970/mt....
SMM Morning Review - 2011/9/2 Aluminum Market
Manufacturing data released on September 1st were disappointing in Europe, indicating difficulties to improve debt woes in the area, and even though China and US manufacturing data met market expectations, stagnating economic recoveries in the two countries still scared investors away to seek...
