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...
Grow with
AL Circle
Resistance at US$1,917/t likely to check the rally in LME aluminium
<p>LME aluminium has reversed its uptrend this week. The light metal traded globally dropped to US$1,901 per tonne after night trading on Monday, July 17, down from US$1,904 per tonne last Friday, July 14. High inventories in LME registered warehouses and slack demand in the international markets...
LME aluminium drops as market digests China output cut news
<p>LME aluminium after registering the biggest one-day increase in last three months dropped 0.36 per cent on Friday, July 14. The light metal closed at US$1,904 per tonne on the last trading day of the week, down from US$1,911 per tonne on Thursday, July 13. The market continued to digest the news...
LME aluminium jumps nearly 2% on China output cut talks; inventories lowest since 2008
<p>China is literally in the driver’s seat when it comes to aluminium. The giant accounting for the more than 50 per cent of the world’s total production is controlling the dynamics of the entire aluminium market, to say the least. This was once again proven correct when yesterday the...
LME aluminium breaks below key support at $1,891; further drop in forecasts
<p>Rising global inventory and weakening demand in the foreign market seems to have weighed too heavily on LME aluminium. The light metal contract upon failing to draw support from a weak dollar bent under the pressure and settled at US$1,877 per tonne on Wednesday, July 12, down 0.1 per cent from...
LME aluminium drops further unable to draw support from a weak dollar
<p>LME aluminium failed to hold highs and dropped below US$1,900 even though the dollar index, which measures the U.S. dollar against a basket of six major currencies, moved lower at 95.660. The light metal contract closed at US$1,879 per tonne after night trading on Tuesday, July 11, down 1.8 per...
LME aluminium plunges, may test support at US$1,891
<p>The price rally in LME aluminium came to a halt as the light metal surrendered all its July gains and closed at US$1,914 per tonne on Monday, July 10. The drop by 0.31 per cent from its previous close of US$1,920 per tonne on Friday, July 7, is indicative of the fact that LME aluminium is...
LME aluminium may rise ‘if’ not weighed down by a strong dollar
<p>The uptrend in LME aluminium met with a drop last week as the metal closed at US$1,920 per tonne on Friday, July 7, down 0.28 per cent from its previous close of US$1,925.50 per tonne on Thursday, July 6. US dollar index though posted weekly gains, remains under pressure. So, Shanghai Metals...
Outside China there’s still a lot of aluminium, so any price rise will be jittery
<p>July has seen LME aluminium prices rising above US$1,900 per tonne breaking the downtrend that was conspicuous in May. But, the one-week journey from US$1,908 per tonne to US$1,925.50 per tonne was not free of jitters. The light metal contract touched an intra-week low of US$1,903 per tonne on...
LME aluminium hits five-week highs as supply worries escalate in China
<p>LME aluminium surged 1.6 per cent on Thursday, July 6, to climb to more than five-week highs at US$1,944 per tonne- the highest since May 30, as worries about supply from the top producer China escalated. The light metal later retreated to US$1,925.50 per tonne, still up by 0.65 per cent from...
LME aluminium rises but likely to retest support at US$1,918/t
<p>LME aluminium seems to have lost its bullish momentum after facing a strong barrier at US$1,933 per tonne. The light metal contract though settled higher at US$1,913 per tonne on Wednesday, July 6, up from its previous close of US$1,903.50 per tonne on Tuesday, July 5, is expected to retest a...
LME aluminium drops, but may rise to US$1,915-1,935/t in the short-term
<p>LME aluminium after staging a reversal last Friday, June 30, has been rising at a fairly steady pace, but the uptrend was interrupted by the metal’s drop. After failing to break a resistance at US$1,933 per tonne LME aluminium tested a support at US$1,908 per tonne and bounced back to...
Medium-term outlook positive for LME aluminium; Chalco cuts prices
<p>LME aluminium after staging a reversal last Friday, June 30, is rising at a moderate pace. The lightmetal contract closed at US$1,917.50 per tonne after night trading on Monday, July 3, up from US$1,908.50 on June 30.</p> <p>Shanghai Metals Market forecasts that LME aluminium will...
LME aluminium June story ends in a gain, but will the momentum continue?
<p>LME aluminium after trending down for almost a month now edged higher above the US$1,900 per tonne level and closed at US$1,908 per tonne after night trading on Friday, June 30. Though the light metal is still 1.13 per cent down from its beginning-of-month price (US$1,900 per tonne) it has risen...
LME aluminium to gain further; Shanghai aluminium falters due to selective buying
<p>LME aluminium is gaining strength. The light metal which has been struggling around US$1,860 per tonne since last 14 days finally seems to be retracing US$1,900 per tonne. Rising by 0.58 per cent from its previous close of US$1,886 per tonne on June 28, LME aluminium settled at US$1,897 per...
Uptick in LME aluminium still not a cause for cheer
<p>LME aluminium has finally reversed its downtrend- but will this uptick extend into a sustained uptrend? Unlikely- suggests technical analysis by market experts. The lightmetal which had touched the monthly low of US$1,855 per tonne earlier this week rose to US$1,886 per tonne after night trading...
LME aluminium recovers some lost ground, but may struggle at moving averages
<p>After a four-day falling streak, LME aluminium regained some lost strength and edged higher to US$1,861.50 per tonne on Tuesday, June 27, up from the monthly low of US$1,855 per tonne on Monday, June 26. Oil prices surged two per cent and US dollar index dropped sharply lending some support to...
LME aluminium slides to new monthly low as oil prices provide little support
<p>LME aluminium is continuing its slide under negative market fundamentals. Crude oil prices are falling globally. Unable to draw support from the key commodity factor, the light metal dived to US$1,855 per tonne after night trading on Monday, June 26, down from US$1,868 per tonne last Friday,...
LME aluminium to fluctuate at lows amid weak fundamentals, SHFE aluminium edges up
<p>LME aluminium has been largely range bound over the last seven days. The light metal which showed a mild uptrend on Thursday (June 22), last week, settled at US$1,868 per tonne after night trading on Friday, June 23. Shanghai Metals Market (SMM) observes that LME aluminium will keep swinging...
