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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Shanghai to Expand Storage for Aluminum, to Boost Trade-Hub Status
Shanghai will increase storage for metals at bonded warehouses as much as fivefold, lowering costs for commodity trading and potentially boosting shipments. “As we expand our physical and futures-related trading businesses, it’s likely to become a globally influential price- forming center for...
Kotak Commodity outlook on aluminum
MCX Aluminium may note some decline tracking copper prices, however the downside remains capped. Further, recent jump in stocks at LME warehouses may also weigh on the prices. Stocks at LME rose by 7300 tonnes after rising by 105625 tonnes last week while cancelled warrants eased to 6.98%. Support...
SMM Aluminum Survey: Cargo-holders Actively Tout Goods on Capital Pressure
The SMM China Aluminum Ingot Trade Index trimmed previous week gains by 5.6% during August 22nd – August 26th to 37.2%, still below the balance line of 50% with downward pressure surging. SMM spot aluminum price stagnated at RMB 17,750/mt during the period. Due to seasonal low-demand, capital...
SMM Aluminium Price Forecast (Aug. 29-Sept. 2)
SHFE 1111 aluminium contact prices moved below the 60-day moving average, with prices mainly moving between RMB 17,150-17,350/mt last week. Trading sentiment was sluggish, with daily trading volumes falling to around 50,000 lots. Investors mainly made short-term speculative transactions, keeping...
SMM Daily Review – 2011/8/26 Aluminum Market
Most active SHFE 1111 aluminum contract opened slightly higher at RMB 17,330/mt on August 26th. After meeting temporary strong resistance, the contract broke through the 60-day moving average with increased buying, hitting an intraday high of RMB 17,445/mt. The contract finally closed RMB 80/mt or...
Aluminum fundamentals positive on declining China inventory
Commodity reported that aluminum prices have fallen in tandem with the decline in base metal prices over the recent weeks. Weak macroeconomic data from the US and Europe have pressured prices to move south. However, the declining Chinese inventories give hope for a strong support in prices and the...
Hindalco: Expect Aluminum Prices To Remain Range-Bound In Short Term
Global aluminum prices are expected to remain range-bound in the near term as global inventories are at record levels, Hindalco Industries Ltd. (500440.BY) said in its annual report Friday. "Aluminum inventories across the globe are near all-time high. But most of these inventories are reportedly...
SMM Morning Review - 2011/8/26 Aluminum Market
Though the US Department of Labor released on August 25th Thursday a much 5,000 higher than expected unemployment claims data, all LME base metals closed higher during the day as the market expected positive news from Fed president to stimulate development of the US economy. Meanwhile, weak...
Outlook on aluminum : Kotak Commodity
Kotak Commodity has come out with its report on aluminum. MCX Aluminum may note some gains tracking copper prices, however the upside remains capped. Recent jump in stocks at LME warehouses may weigh on the gains. Stocks at LME fell by 7300 tonnes yesterday after rising by 105625 tonnes last week...
SMM Morning Review – 2011/8/25 Aluminum Market
Investor confidence climbed overnight with all US stock prices climbing after the US Department of Commerce announced July durable goods orders rose 4%, much higher than the 2% expectation. Meanwhile, as more investors expected US Fed to provide QE3, risk aversion capital successively exited gold...
Chart Of The Day | Aluminium in steady state
Global primary aluminium production has been trending up in 2011, and rose 5.8% year-on-year (y-o-y) in July. Higher production in relatively new aluminium-producing regions, such as the Gulf, and in Europe and the US—in response to growing consumption—is a key reason. In Asia, China’s production...
South China Aluminum: Falling Prices Attract Middlemen
Most active SHFE 1111 aluminum contract prices fluctuated at the closing prices of previous trading day on August 23rd, and mainstream trading prices of spot aluminum in Guangdong moved down to RMB 17,930-17,960/mt due to sluggish downstream consumption. However, with some middlemen actively buying...
South China Aluminum: Falling Prices Attract Middlemen
Most active SHFE 1111 aluminum contract prices fluctuated at the closing prices of previous trading day on August 23rd, and mainstream trading prices of spot aluminum in Guangdong moved down to RMB 17,930-17,960/mt due to sluggish downstream consumption. However, with some middlemen actively buying...
SMM Aluminum Survey: Price Fluctuation Narrows, Buyers Wait for Chances
The SMM China Aluminum Ingot Trade Index slightly rebounded to 42.8%, up by 6.3% from previous week during August 15th to August 19th, but was still below the balance line of 50%. Domestic aluminum prices fluctuated in gradually narrowing ranges during the week. Though market trend was still...
Industrial metals (copper, aluminium, nickel, etc.) daily review (August 23, 2011)
Industrial metals finished higher on Friday, with support from a weak dollar, steadier equities, Chilean supply threats and Asian demand signals enabling prices to overcome overnight selling pressures. More than 100,000 tonnes of aluminium flowed into London Metal Exchangeregistered warehouses in...
LME Aluminum Inventories Rise in Vlissingen
More than 100,000 tonnes of aluminum flowed into London Metal Exchange-registered warehouses in Vlissingen, latest LME data showed, in another big increase that has inflated stocks in the Dutch port to over 700,000 tonnes. LME aluminum stocks rose by 113,450 tonnes, with all of that accounted for...
SMM morning Review – 2011/8/22 Aluminum Market
As economic worries overwhelmed on August 19th, more investors turned to gold for risk aversion and gold prices hit a record high of USD 1,878.05/oz. US stock prices were pressed over 1.5% lower in response. The stagnating US economic recovery in the mean time weakened safe haven function of the US...
SMM Daily Review – 2011/8/19 Aluminum Market
Most active SHFE 1111 aluminum contract gapped over 1% lower at RMB 17,070/mt on August 19th due to a plunge in global financial markets. In the morning, it quickly rebounded to struggle at RMB 17,200/mt following an intraday low of RMB 17,020/mt. Total positions of the contract climbed in the...
