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 $3,353/t; stocks remain unchanged at 244,525t
The LME aluminium price moved higher on September 9 compared with the previous trading day, with cash and three-month aluminium prices recording gains, while total warehouse stocks remained unchanged. On September 9, the LME aluminium cash bid price stood at USD 3351.5 per tonne, up USD 27.5 per...
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LME aluminium started the week with a slight gain to close at US$ 1918 per tonne; SHFE likely to trade within a close range
The US dollar dipped and fell to a two-week low after Federal Reserve officials expressed caution over the global growth, prompting traders to reassess the pace of future US interest rate increases. LME aluminium continued to trade weakly given negative fundamentals. The contract however closed...
LME aluminium plunged further last Friday on weak fundamentals; both LME & SHFE will trade under pressure today
The US dollar closed lower against a basket of the currencies on November 16, Friday night. The pound rallied on Friday but remained under heavy pressure as UK Prime Minister Theresa May fought to justify the Brexit deal. LME aluminium closed the day’s trading at US$ 1914 per tonne on Friday. Weak...
Weak fundamentals put pressure on both LME and SHFE over the week; no significant upward room likely in next week
The US dollar held steady against a currency basket while the pound dipped amid uncertainty over Brexit issues. LME aluminium continued to trade weakly over the weak. The contract saw a trading range of US$1,914-1,934 per tonne. The LME aluminium contract started the week at US$1,934 per tonne and...
Weak fundamentals weighed down both LME and SHFE; LME closed at US$ 1917 per tonne on November 17
The US dollar held steady against a currency basket while the pound dipped amid uncertainty over whether Prime Minister Theresa May's draft Brexit plan will receive parliamentary approval. LME aluminium continued to trade weakly and closed Thursday’s trading at US$ 1917 per tonne. It regained some...
LME aluminium traded below five- and 10-day moving averages; SHFE not likely to rebound significantly
The US dollar extended its decline from 16-month highs against the euro and pound, which increased as traders monitored developments of Brexit and the Italian budget. LME aluminium closed Wednesday’s trading at US$ 1931per tonne. The contract then faced pressure as it grew to a high of US$1,948 per...
LME aluminium continues trading weaker to close at US$1925 per tonne yesterday; SHFE follows the trend
The US dollar index stemmed its increase on Tuesday after the euro and pound gained on hopes in discussions over the Italian budget and Brexit. LME aluminium continues trading weak and closed November 14 Tuesday’s trading at US$1925 per tonne. It followed the weak trading pattern overnight,...
LME aluminium dipped to another new low with rising dollar; both LME and SHFE unlikely to rebound significantly
The US dollar closed at 97.56, a 16-month high against a basket of currencies as investors built bets on an increase in interest rates next month. Brexit deal concerns and a growing rift in Europe over Italy's budget also buoyed the dollar. Amid fresh uncertainty over Brexit deal, the pound slipped...
LME aluminium falls as U.S extends deadline for Rusal; SHFE remains weak
The US dollar rose against most major currencies on Friday and settled at 96.88. Major Base metals fell across the board as LME aluminium declined 1.31% last week. LME aluminium closed at US$ 1964.5 per tonne on Friday November 9, down from US$ 1977 per tonne on Thursday November 8. LME aluminium...
LME aluminium prices pressured by strong dollar; SHFE received support from Alunorte news
Base metals closed mixed with SHFE contracts rising for the most part. SHFE aluminium lost 0.14%, while LME aluminium slid 0.23%. LME aluminium was pressured by a strong US dollar as the Federal Reserve announced that it will maintain its monetary policy and indicated further gradual rate hikes....
LME aluminium price inches up slightly; SHFE remains weak
The US dollar index fell to the lowest in two weeks after the US midterm election results and as investors looked ahead to a Federal Reserve meeting for signals on future interest rate hikes. LME and SHFE base metals closed mixed as LME aluminium led the increase and rose 1.61%. LME aluminium...
LME aluminium dipped to the lowest since August 2017; SHFE aluminium on downtrend lacking support
The US dollar dipped from Monday as America headed to the polls. It closed at 96.27, limited by investor caution about the US midterm elections and potential fallout for the world's largest economy. The pound and euro edged higher on weakness in the greenback. Weak fundamentals weighed LME...
SHFE aluminium slumps to the lowest since January 2017 today morning; LME losing upward momentum
The US dollar lost ground against most of major currencies on Monday, as growing expectations of an orderly Brexit bolstered the pound, euro and global investor sentiment. The dollar closed at 96.32. This was ahead of the US midterm elections on November 6 that many analysts say will set the trend...
LME aluminium recovered some losses at Friday night on a lower US dollar; SHFE followed the trend
The US dollar index rebounded and closed at 96.49 last Friday on upbeat US non-farm payrolls. However, concerns about data for the upcoming service purchasing managers’ index (PMI) limited the rise of the US dollar. LME and SHFE base metals ended higher for the most part on Friday night. Aluminium...
Weekly recap: LME aluminium touched the lowest since August 2017 in this week; both LME and SHFE likely to trade lower next week
The US dollar reached multi-month highs last week and reversed some of the gains by the end of the week. The strong dollar along with the absence of strong market fundamentals put pressure on LME and the LME official settlement price plunged to the lowest since August 2017. The LME aluminium...
Both LME and SHFE continue downward trend in absence of strong market fundamentals; likely to stay weak in short term
The US dollar retreated from multi-month highs on Thursday while the pound rose the most in nine months on reports that London is close to a financial services deal with Brussels. Most LME and SHFE base metals ended in the black overnight and aluminium dipped 0.1%. LME aluminium closed Thursday's...
Hindalco and Vedanta cut prices of aluminium ingots in line with falling 3-months LME prices
According to trade sources both Vedanta and Hindalco have cut prices of their products on Wednesday October 31. Vedanta Ltd has cut prices of aluminium ingots by more than 1% from October 31, after raising the prices of the same products by over 1%, which came after eight consecutive price cuts....
LME plunges to a new low on strong US dollar and absence of strong fundamentals; SHFE follows suit
The US dollar edged up to a fresh 16-month high against a basket of key currencies on Wednesday as the US economy continued to strengthen, putting the greenback on pace for a seventh straight month of gains. Most LME and SHFE base metals ended in negative territory overnight and aluminium lost...
LME aluminium plunged to the lowest since August 8, 2017 on Tuesday; SHFE follows the downtrend
The US dollar index rose to the highest thus far this year on Tuesday, amid growing signs the US economy is outperforming its peers. US consumer confidence rose to an 18-year high in October, driven largely a robust labour market, suggesting strong economic growth could persist in the near term....
