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 drops further; may test a support at US$2,125/t
The uptrend in LME aluminium seems to be losing its momentum. The light metal contract which closed at US$2,137 per tonne last Friday, September 22, came down to close at US$2,128 per tonne on Monday, September 25. Technical analysis suggests that LME aluminium may test a support at US$2,125 per...
LME aluminium to move in a narrow range at US$2,145-2,175/t
LME aluminium dropped marginally on Friday, September 22 ending at US$2,137 per tonne. The earlier close was at US$2,154 per tonne. Shanghai Metals Market forecasts that the light metal contract will move narrowly within the range of US$2,145-2,175 per tonne on Monday, September 25. As on September...
LME aluminium dips marginally but may fluctuate at highs
LME aluminium dropped slightly as the market supply still remains robust. The light metal contract came down from its earlier close of US$2,164 per tonne on Wednesday, September 20, to close at US$2,154 per tonne on Thursday, September 21. According to Shanghai Metals Market forecast, LME aluminium...
LME aluminium rises but may fall on a strong dollar; Fed rate hike forecasts weigh
LME aluminium strengthened further as positions dropped sharply. The light metal contract rose to US2,164 per tonne on Wednesday, September 20, up from US$2,490 per tonne on Tuesday, September 19. The U.S. Federation decided to keep the interest rate unchanged, but sounded hawkish on rate hike...
LME aluminium to stay at highs; technicals remain positive & inventory at all-time low
LME aluminium recovered from its recent lows and climbed to US$2,107.50 per tonne on Tuesday, September 19, as positions dropped sharply, indicating risk aversion. The rise of 1.95 per cent from its earlier close of US$2,067 per tonne on September 18 proves that the technical side is positive for...
LME aluminium likely to hover at highs; may bounce to US$2,125/t
LME aluminium seems to have regained some strength. After dropping to around US$2,060 per tonne, it is again moving up. The light metal closed at US$2,067 per tonne on Monday, September 18; but Shanghai Metals Market predicts that LME aluminium will range at US$2,080-2,107 per tonne on Tuesday,...
LME aluminium to meet strong resistance and fall in US$2,055-2,068/t range
LME aluminium improved slightly to close at US$2,068 per tonne on Friday, September 15. Shanghai Metals Market observes that LME aluminium will range US$2,080-2,110 per tonne Monday, September 18. According to Reuters’ technical analysis, LME aluminium may fall into the range of US$2,055-US$2,068...
LME aluminium comes under downward pressure as SHFE aluminium slumps
LME aluminium seems to be coming under a downward pressure from the price declines of its counterpart traded at Shanghai Futures Exchange. The light metal which remained unchanged at US$2,083 per tonne for two consecutive days- September 12th and 13th, came down to US$2,065 per tonne on Thursday,...
LME aluminium remains unchanged; likely to fall below US$2,103/t
LME aluminium seems to be lacking the rising impetus after retracing to previous highs. The light metal contract closed at US$2,083 per tonne on Wednesday, September 13, unchanged from the previous day’s close after trading within a narrow range throughout the day. According to Reuters’ technical...
LME aluminium drops, but may retrace to US$2,114/t before testing resistance
LME aluminium continues to move widely. The light metal which ended at US$2,100.50 per tonne on Monday, September 11, came down to US$2,083 per tonne on Tuesday, September 12. However, the uptrend in aluminium prices is not over yet. According to Reuters’ technical analysis, LME aluminium will rise...
LME aluminium revisits US$2,100/t; may rise further
Seeking support from the rising aluminium contracts traded at Shanghai Futures Exchange (SHFE), aluminium prices at London Metal Exchange rose from its current lows of US$2,072 per tonne to US$2,100.50 per tonne on Monday, September 11. Reuters’ technical analysis suggests that LME aluminium will...
LME aluminium slips on strong bearishness; may fall further
In a sign of the prevailing bearishness, LME aluminium dropped marginally from its earlier close of US$2,075 per tonne on Thursday, September 7, to US$2072 per tonne on Friday, September 8. According to the Shanghai Metals Market forecast, the light metal contract will drop further into the range...
LME aluminium inches up by 0.2%; may rise further on weaker dollar
With the US dollar index falling amid North Korea jitters, LME aluminium recovered some strength and rose higher from its earlier close of US$2,069.50 per tonne to US$2,075 per tonne on Thursday, September 7. Reuters’ technical analysis suggests that LME aluminium may revisit US$2,145 per tonne as...
LME aluminium yet to complete its correction; may fall further
LME aluminium prices are set for further correction. The light metal contract which closed at US$2,082 per tonne on Tuesday, September 5, came down by 0.6 per cent to close at US$2,069.50 per tonne after night trading on Wednesday, September 6. Reuters’ technical analysis suggests that LME...
LME aluminium down by 0.64%; may break support at US$2,089/t
LME aluminium seems to have temporarily reversed its uptrend though it is too early to predict a direction. The light metal contract dropped to US$2,082 per tonne after night trading on Tuesday, September 5, down 0.64 per cent from its earlier close of US$2,095.5 per tonne on September 4. Reuters’...
LME aluminium plummets after crude oil prices edge higher; further drop likely
LME aluminium declined sharply after the U.S. Labour Day weekend, as U.S. crude prices rose on returning refineries. The light metal contract, which ended last week Friday at US$2,113.50 per tonne, came down to settle at US$2,095.50 per tonne on Monday, September 4. Reuters’ technical analysis...
LME aluminium unchanged, but to continue uptrend on China capacity cuts
LME aluminium remained buoyed up, unchanged for two consecutive days ahead of the weekend. The light metal contract closed at US$2,113.50 per tonne on Friday, September 1, showing a clear uptrend through its day’s performance. Shanghai Metals Market (SMM) suggests that LME aluminium will continue...
LME aluminium edges higher, but likely to lack further momentum
LME aluminium strengthens again. The light metal contract which closed at US$2,066.5 per tonne on Wednesday, August 30, edged higher to close at US$2,113.5 per tonne on Thursday, August 31. According to Shanghai Metals Market forecast, LME aluminium may continue to hover at highs in the short term...
