Low inventory supports aluminium prices to consolidate at highs; Peak season recovery pace awaits verification
Futures: The most-traded SHFE aluminium contract opened at RMB 24,590 per tonne in the night session on September 9, reached a high of RMB 24,660 per tonne and a low of RMB 24,565 per tonne, and closed at RMB 24,650 per tonne, up RMB 90 per tonne or 0.37 per cent from the previous close. Futures...
LME aluminium cash offer rises 0.84% to $3,353/t; stocks remain unchanged at 244,525t
The LME aluminium price moved higher on September 9 compared with the previous trading day, with cash and three-month aluminium prices recording gains, while total warehouse stocks remained unchanged. On September 9, the LME aluminium cash bid price stood at USD 3351.5 per tonne, up USD 27.5 per...
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Recap 2018: Primary Aluminium Market was on a slight deficit; aluminium import tariffs and Rusal sanctions drove the momentum (Part II)
(Continued from Part I ) LME/SME price trends An analysis of the LME and SME price trends in H1, H2 and the whole year 2018 will give us an idea about how the prices were impacted by the events in the aluminium supply scenario. As the sanctions hit the market in April and LME prices were pushed...
LME aluminium closed Monday’s trading at 1842.5/t; SHFE to trade at RMB13,420-13,520/t
The greenback continued its bullish momentum to start the week, as the US dollar index overnight climbed to the highest since January 4 at 96.43.Base metals closed mixed last night. LME aluminium lost over 1% and SHFE aluminium fell 0.59%. Benchmark aluminium price on London Metal Exchange dropped...
LME aluminium continues upward trend started last Friday; SHFE gains on positive market sentiments
The US dollar registered its first weekly gain since mid-December as US-China trade optimism lifted investor sentiment. Base metals increased across the board in the LME and SHFE. LME aluminium grew nearly 1% and SHFE aluminium jumped 1.34%. LME alminium closed last week at US$ 1851 per tonne, the...
Weekly Recap: LME aluminium traded within a wide range over the week; SHFE continued flat trend on weak fundamentals
The US dollar started the week flat and registered some gains mid-week. The US dollar index jumped to 96.26, the highest since January 4 on January 16, after data showed that economic growth in Germany slowed in 2018. LME aluminium started the week at the lowest in month at US$ 1775.5 per tonne and...
LME aluminium closed lower on Thursday but regained overnight; SHFE to find support at the five-day moving average
The US dollar increased against the euro, which was dragged lower by weak economic data, while the pound gained on hopes of a second Brexit referendum. Base metals ended mixed and LME aluminium gained 0.57%. SHFE aluminium edged down. After closing Thursday’s trading lower at US$ 1804 per tonne,...
LME aluminium increased further to close at US$ 1839.5/t; SHFE received support from the 10-day moving average
The US dollar rose against the euro as the market grew concerned about economic growth in the eurozone. Base metals closed mixed last night. LME aluminium lost 0.54% and SHFE aluminium nudged up. Benchmark aluminium price on London Metal Exchange increased further to close at US$ 1839.5 per tonne...
LME aluminium price extended declines during the European trading session
The US dollar remained flat and the safe-haven yen rose, after an unexpectedly sharp fall in China’s exports grew concerns about the global economy. Base metals fell across the board overnight. LME aluminium edged down and SHFE aluminium fell 0.49%. LME aluminium contract closed Monday’s trading at...
LME aluminium is likely to continue last week's downward trend today; SHFE to trade rangebound
The US dollar gained against the euro, boosted by technical factors after the euro met key resistance levels, even as the greenback's outlook remained bleak amid cautious signals from the US Federal Reserve about further rate hikes. LME base metals rose for the most part while SHFE contracts ended...
LME aluminium closed slightly higher; SHFE to hover at lows ahead of CNY
The US dollar rebounded from three-month lows, extending gains against the euro and yen, after Federal Reserve Chairman Jerome Powell said that the US central bank intends to further shrink the balance sheet, suggesting it is not done tightening monetary policy. Base metals dipped across the board...
LME aluminium declines on news that Hydro Alunorte may resume full production
The US dollar dipped to a three-month low as the latest minutes of US Federal Reserve's policy meeting hinted at less monetary tightening and as hopes grew after US-China trade talks. Base metals ended mostly higher last night. LME aluminium fell 0.3% and SHFE aluminium went up 0.19%. LME aluminium...
LME aluminium closed lower at US$ 1837/t; SHFE lacks continued upward momentum
The US dollar rebounded from a nearly three-month low, as investors focused on the risk of a eurozone recession after data showed more signs of slowing in the region. Weakness in the euro supported the dollar, which rose 0.21% against a basket of currencies to 95.88. Base metals ended mixed last...
LME confirms it will end the ban on Rusal aluminium once the U.S. lifts sanctions on the company
According to a Reuters report, the London Metal Exchange (LME) confirmed that it would lift its suspension on aluminium produced by Russia’s Rusal once the U.S. lifts the sanctions on the company. The exchange said in a statement that consultation with LME consumers had not raised any objections to...
LME aluminium closed Monday’s trading at US$ 1858/t; SHFE faced resistance at the five-day moving average
The US dollar index dipped to 95.63, the lowest since October 12, 2018, pressured by growing expectations the US Federal Reserve could stop its interest rate hike cycle. Slower-than-expected growth in the US services sector also weighed on the greenback. Base metals increased for the most part as...
LME aluminium closed higher at US$ 1879 per tonne on Friday ; SHFE rallied above the five-day moving average
The US dollar weakened against the euro and lost all gains from a robust report about US jobs. Base metals increased across the board as a result and LME aluminium increased 1.05%. SHFE aluminium and tin grew slightly. LME aluminium registered a gain with dollar’s loss and closed trading at US$...
Vedanta and Hindalco cut their ingot prices on January 3 after the fall in LME prices
Vedanta Ltd cut prices of aluminium ingots for the fifth time in a row by more than 2% with effect from Thursday January 3, making the price of P1020 / EC High purity ingot fall to INR 146,500 per tonne. With Thursday’s cuts, rates of these products are now at their lowest levels in more than a...
LME and SHFE aluminium saw a bearish week on lackluster trading and reducing cost support; no substantial rebound likely next week
The week from 31 December to January 4 has been a bearish week for both LME and SHFE aluminium. The US dollar index dipped below 97 this week as stocks traded higher after a week of price swings. There were holidays in SME and LME for New Year’s Day. LME aluminium started the week at US$1869.5 per...
LME aluminium recovered slightly overnight after closing weak on January 3; weak fundamentals to limit momentum in LME & SHFE
The US dollar weakened following the biggest slump in the manufacturing activity index by the Institute for Supply Management (ISM) since 2008. The US dollar index, which tracks the greenback against a basket of six global currencies, stood 0.5% lower at 96.32. Base metals grew for the most part as...
LME aluminium slumped to the lowest in two years after the holiday; SHFE followed the same downtrend
The US dollar increased on Wednesday as weak economic data from some major economies caused concerns over global growth, and sparked demand for safe havens. The dollar index rose 0.71% to 96.81 in late trading. US President Donald Trump said on Wednesday that the US stock market suffered "a little...
