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 picks up momentum on the prospects of Chinese capacity closures
<p>The uptrend in LME aluminium is finally on solid tracks. The light metal which hit the highs after more than two-and-a-half-years crossed the US$2,000 per tonne barrier to close at US$2,018 per tonne on Wednesday, August 9, rising from the earlier close of US$1,981 per tonne on August 8. With...
LME aluminium hits 2-1/2 year peak, SHFE aluminium rallies in tandem
<p>Taking the cue from the Chinese Weiqiao Group’s rumoured announcement of higher than expected capacity cuts, LME aluminium surged above US$2,000 per tonne on Tuesday, August 8. The rise marked two-and-a-half year peak for the light metal which ended the trading day at US$1,981 per tonne...
LME aluminium jumps to US$1,926/t; may climb higher today
<p>LME aluminium took a cue from the recent China aluminium capacity cut announcement s and surged to US$1,920 per tonne on Monday, August 7. The rise of nearly 1.6 per cent from the contract’s earlier close of US$1,890 per tonne on Friday, July 4, can be partially attributed to the somewhat...
LME aluminium continues to struggle at moving averages, may test resistance at US$1,938/t
<p>LME aluminium is yet to start gaining strength. The light metal which closed at US$1,892 per tonne last Thursday, August 3, dipped further down to US$1,890 per tonne after night trading on Friday, August 4. According to Shanghai Metals Market forecast, LME aluminium should continue to struggle...
The London Metal Exchange seeks cut in warehouse rent for metals
<p>In order to improve transparency and increase the amount of metal registered under LME warrant, The London Metal Exchange has urged its network of metal warehouse owners to cut the rents charged for storage of metal.</p> <p>Rents for aluminium on warrant currently stands at about around 54 U.S...
LME aluminium struggles to break US$1,909/t, falls towards next support at US$1,896/t
<p>LME aluminium is finding it difficult to hold ground above US$1,900 per tonne. The light metal which edged higher to US$1,904 per tonne on August 2, from its earlier close of US$1,887 per tonne on August 1, has again slid back to US$1,892 per tonne after night trading on Thursday, August 3....
LME aluminium inches higher but yet to find a direction; SME aluminium firms up
<p>LME aluminium crosses the US$1,900 per tonne level and settles at US$1,904 per tonne after night trading on Wednesday, August 2. The rise from the earlier close of US$1,887 per tonne on August 1 suggests that the light metal is currently on an uptrend. However, Reuters’ technical analysis...
LME aluminium drops after firming up on Monday; to struggle around moving averages
<p>After firming up slightly on support from a weaker dollar and rising crude oil prices on Monday at US$1,904 per tonne, LME aluminium plunged again to US$1,887 on Tuesday, August 1. It plunged below the expected range of US$1,905-1,925 per tonne.</p> <p>As observed by Shanghai Metals Market, LME...
LME aluminium edges higher but may retrace US$1,896/t
<p>LME aluminium firms up slightly gaining support from a weaker dollar and rising crude oil prices on Monday, July 31. The light metal which closed at US$1,892 per tonne last Friday, July 28, settled at US$1,904 per tonne after yesterday’s night trading. However, the gain is likely to be...
LME aluminium yet to find a direction; drops despite a weak dollar and rising crude prices
<p>LME aluminium underperformed compared to other base metals on the last trading day of the week ending July 29. Unable to draw support from a weak US dollar and rising crude oil prices, the light metal fell by 1.61 per cent from its earlier close at US$1,923 per tonne July 27, to US$1,892 per...
LME aluminium to stay neutral at US$1,928-1,939/t; SHFE aluminium will drop
<p>LME aluminium is gaining in momentum. The light metal, as expected, climbed up to US$1,923 per tonne on Thursday, July 27, from its earlier close of US$1,923 per tonne. However, the uptrend is going to slow down in the short term as the metal contract faces strong resistance above US$1,950 per...
LME aluminium may rise as dollar index falls to 13-month low
<p>LME aluminium is on a moderate uptrend. With the dollar index hovering near the lowest since June 2016 following the Fed’s decision not to hike interest rate, the light metal is expected to gain in the short term. After night trading on Wednesday, July 26, LME aluminium closed at US$1,912...
LME aluminium inches up but likely to face downward correction
<p>LME aluminium edged higher boosted by the gain in crude oil prices. The light metal, which is still trading below US$1,900 per tonne, closed higher at US$1,896.50 per tonne on Tuesday, July 25, up from its earlier close of US$1,890 per tonne. However, the gain is unlikely to sustain over the...
LME aluminium price volatility could extend with the growing resistance
<p>The recent volatility in LME aluminium prices seems to be extending further. The light metal contract which edged marginally higher at US$1,901 per tonne on Friday, July 21, fell again to US$1,890 per tonne on Monday, July 24. The drop in aluminium prices can also be partly attributed to the US...
LME aluminium to range at US$1,910-1,930/t; no further news of China aluminium output cut
<p>LME aluminium ended last week marginally above US$1,900 per tonne. Rising by 0.15 per cent from its earlier close of US$1,898 per tonne, the light metal settled at US$1,901 per tonne on Friday, July 21. With no further news of aluminium output cut in China, LME aluminium is expected to hold...
LME aluminium to trade within US$1,906-1,927/t; mixed signals and no support ahead
<p>LME aluminium, as expected, failed to hold steady above US$1,900 level. After night trading on Thursday, July 20, the light metal fell to US$1,898 per tonne from its earlier gain of US$1,907 per tonne on July 19. Though the US dollar is weak, LME aluminium does not seem to be drawing any support...
LME aluminium rises, but can the uptrend hold up?
<p>LME aluminium gained some strength buoyed by optimism generated by the scheduled release of policy decisions by the Bank of Japan and European Central Bank today. The lightmetal contract rose by 1.05 per cent from its previous day’s close of US$1,887 per tonne to US$1,907 per tonne on...
LME aluminium drops further; likely to retest resistance at US$1,939
<p>LME aluminium is finding it difficult to hold ground above US$1,900 per tonne. The light metal contract is faltering around US$1,900 per tonne, and the strengthening US dollar index suggests that the trough in the LME aluminium price trend will further deepen in the near term. As on Tuesday,...
