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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Chinese actions to support aluminum but hurt lead prices
Government decisions in China could underpin aluminum but undercut lead, says Commerzbank. Aluminum smelters in the province of Henan have been asked to prepare for Electricity supply cuts. “Henan is China's largest aluminum-producing region. This could result in production losses there and a...
East China Aluminum: Consumers Build up Inventories as Futures Prices Gain
Traded prices of spot aluminum in Shanghai on August 3rd were between RMB 18,640-18,660/mt, with premiums of positive RMB 40-60/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,740-18,760/mt. Traded prices of spot aluminum in Wuxi were between RMB...
MCX Aluminium bubble at eight weeks high on improving demand
MCX Aluminium could very well see a bullish run in the near future even when record high inventories are being reported. There are some reasons why Aluminium prices could gain is due to bank financing deals that have locked up a sizeable chunk of available metal stock and continuous decreasing...
Barclays: Collahuasi copper mine workers strike for 24 hours over pay
The metals closed lower on Friday but have been boosted this morning by news over the weekend that the US has come to an agreement on the national debt limit. Copper is trading at $9,870/t with support from the ongoing strike at the world’s largest copper mine, Escondida. This follows a 32-day...
SMM Daily Review – 2011/7/29 Aluminum Market
Most active SHFE 1110 aluminum contract prices opened lower at RMB 18,380/mt on July 29th. After total positions sharply decreased by over 19,000 lots due to profit-making by the longs, SHFE 1110 aluminum contract prices plunged and hit RMB 18,200/mt. Finally closed price was RMB 18,210/mt, down...
SMM Morning Review - 2011/7/29 Base Metals Market
Most active SHFE 1110 aluminum contract prices opened lower at RMB 18,380/mt on July 29th. After total positions sharply decreased by over 19,000 lots due to profit-making by the longs, SHFE 1110 aluminum contract prices plunged and hit RMB 18,200/mt. Finally closed price was RMB 18,210/mt, down...
Special report: Goldman's new money machine: warehouses
In a rundown patch of Detroit, enclosed by a cyclone fence and barbed wire, stands an unremarkable warehouse that investment bank Goldman Sachs has transformed into a money-making machine. A string of warehouses in Detroit, most of them operated by Goldman, has stockpiled more than a million tonnes...
LME Aluminum Stocks Jump in Vlissingen, More to Come
Aluminum stocks jumped by 100,000 tonnes in the Dutch port of Vlissingen, London Metal Exchange data showed on Thursday, as traders speculated that Glencore had registered material in warehouses there and that more may follow.
Aluminum Stockpiles Jump Most in Seven Months on Vlissingen Gain
Aluminum stockpiles monitored by the London Metal Exchange rose the most in almost seven months on an increase in the Dutch city of Vlissingen. Inventories climbed 92,425 metric tons, or 2.1 percent, the most since Jan. 10, to 4.46 million tons, exchange data showed today. Stockpiles gained for the...
East China Aluminum: Transactions Rare after Spot Prices Jump by 2.36%
Traded prices of spot aluminum in Shanghai on July 28th were between RMB 18,610-18,650/mt, with premiums of positive RMB 0-30/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,650-18,690/mt. Traded prices of spot aluminum in Wuxi were between RMB...
Unwrought aluminum stocks 1 million tonnes in June - IAI
Western world unwrought aluminum stocks dropped to 1.474 million tonnes in June compared with a revised 1.573 million in May. Provisional data from International Aluminum Institute figures showed that unwrought stocks stood at 1.190 million tonnes in June 2010. Total aluminum smelter stocks...
East China Aluminum: Downstream Purchase Confidence Deteriorates With Surging Prices
Traded prices of spot aluminum in Shanghai on July 27th were between RMB 18,190-18,210/mt, with premiums of positive RMB 60-90/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,290-18,310/mt. Traded prices of spot aluminum in Wuxi were between RMB...
SMM Daily Review – 2011/7/26 Aluminum Market
A bull market for SHFE aluminum contracts was seen on July 26th. In the morning, after opening at RMB 17,650/mt and consolidating at RMB 17,700/mt, most active SHFE 1110 aluminum contract prices surged and hit RMB 17,910/mt. In the afternoon, after regaining confidence, the longs pushed up SHFE...
IAI: June World Aluminum Stocks -123,000 Tons At 2.534M Tons
Total world aluminum inventories in June fell by 123,000 metric tons to 2.534 million tons, according to figures released Tuesday by the International Aluminum Institute. World stocks in May stood at 2.657 million tons. June stocks were up 282,000 tons compared with the same month of 2010, when...
East China Aluminum: Spot Price Hits RMB 18,000/mt, Bullish Sentiment Continues
Traded prices of spot aluminum in Shanghai on July 26th were between RMB 17,980-18,000/mt, with premiums of positive RMB 50-100/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 18,030-18,070/mt. Traded prices of spot aluminum in Wuxi were between RMB...
Aluminum Prices Climbing As Optimism Continues
The SMM China Aluminum Ingot Trade Index during July 18th to July 22nd slightly rose to 51.4%, up by 6.3% from previous week, and broke through the balance line of 50%. As domestic spot aluminum inventories continuously fell and will keep falling in the short term, goods holders were holding goods...
Aluminum Orders Increase to Two-Week High on Bookings in Asia
Orders to draw aluminum from warehouses monitored by the London Metal Exchange rose to the highest level in more than two weeks, led by increases in South Korea and Malaysia. Canceled warrants, as the orders are known, rose 29,075 metric tons, or 7.7 percent, to 405,850 tons, the highest level...
South China Aluminum: Spot Price Breaks RMB 18,000/mt Supported by Supply Shortage
After most active SHFE aluminum contract prices rebounded following previous falling, spot aluminum prices in south China successfully broke through RMB 18,000/mt. Mainstream traded prices in the area were between RMB 18,020-18,040/mt. Supplies from goods holders became extremely limited after spot...
