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 edges higher, but any extension further will be capped at US$1,885/t
<p>LME aluminium is showing mild uptrend. The light metal upon failing to break a support zone of US$1,862.50-US$1,871 per tonne, closed at US$1,872 per tonne on Thursday, June 22, marginally up by 0.34 per cent from its previous close of US$1,865.50 per tonne.</p> <p>Reuters’ technical...
LME aluminium falls as stocks return to growth, a brief rebound expected shortly
<p>LME aluminium fell from US$1,889 per tonne to US$1,865.50 per tonne after night trading on Wednesday, June 21 as aluminium stocks returned to growth. Unable to hold ground, the light metal shed 1.2 per cent of its brief gain. Shanghai Metals Market forecasts that LME aluminium will fall further...
LME aluminium makes a comeback, but will the price rebound sustain?
<p>LME aluminium after lingering at the same level (US$1,861 per tonne) for two consecutive days jumped to US$1,889 per tonne on Tuesday, June 20. The 1.5 per cent rise from the recent low of US$1,861 per tonne marks a comeback for the light metal which has been trending downward for over a week...
LME aluminium likely to test resistance at US$1,899/t, SHFE aluminium surges on short selling
<p>LME aluminium is finally showing some resilience. The downtrend that has been continuing for seven days at a stretch came to a halt yesterday with the light metal closing at US$1,861.50 per tonne after the night trading on Monday, June 19, marginally up from US$1,861 per tonne on June 16.</p>...
LME aluminium may rise marginally; faces strong resistance at 5-day moving average
<p>Any rise in LME aluminium, if at all that happens, will be a marginal one. The light metal traded globally ended last week in a dip near US$1,860 per tonne, down from the earlier close of US$1,864 per tonne. Fundamentals are still weak; so, it is likely that LME aluminium will keep trading at...
China to cut aluminium output to rebalance global market, says BofAML
<p>According to Bank of America Merrill Lynch’s (BofAML’s) Global Commodity Research team, China needs to curtail its capacity of aluminium in order to rebalance the global market. “If the country's smelters increased production as planned, the global market would be oversupplied...
LME aluminium nosedives to US$1,864/t as inventory keeps growing
<p>LME aluminium unable to sustain at US$1,880 per tonne level fell to US$1,864 per tonne on Thursday, June 15. The light metal which edged higher at US$1,886.50 per tonne on Tuesday, June 14, is being weighed on heavily by the growing stocks and slow moving inventory. LME aluminium has come down...
LME aluminium settles slightly higher but still looks vulnerable
<p>LME aluminium after falling for six days at a stretch settled slightly higher at US$1,886.50 per tonne after night trading on Wednesday, June 14, from the earlier close of US$1,877 per tonne. However, the ‘spike’ does seem to be extending into a ‘rise’ since fundamentals...
LME aluminium drops to find next support at US$1,862.50/t, supply hits highest since May 8
<p>The downtrend in LME aluminium is continuing. The light metal breached last week’s low of US$1,887 per tonne to close at US$1,877 per tonne after night trading on Tuesday, June 13. A broker at Marex Spectron said that the next support level for LME aluminium was at US$1,862.50 per...
LME aluminium plunges below US$1,900/t, China market sentiment remains bearish
<p>As anticipated by market watchers, LME aluminium fell below US$1,900 per tonne level unable to draw support from a weak US dollar index and strengthening crude oil prices. The light metal traded globally closed at US$1,888 per tonne on Monday, June 12, down 0.7 per cent from its previous close...
LME aluminium drops on sluggish overseas demand, Chalco cuts China aluminium prices
<p>LME aluminium just managed to stay on the higher side of US$1,900 per tonne last week. The light metal traded globally closed at US$1,901.50 per tonne on Friday, June 9, marginally down from US$1,902.50 per tonne on June 8. Shanghai Metals Market (SMM) analysis suggests that aluminium prices on...
LME aluminium to range US$1,895-1,915/t, with resistance at 5-day moving average
<p>LME aluminium is nearing a strong resistance at the five-day moving average. The light metal traded globally dropped marginally to US$1,902.50 after night trading on Thursday, June 8, from US$1,903.50 per tonne on Wednesday, June 7. </p> <p>Shanghai Metals Market (SMM) suggests that LME...
LME aluminium retraces US$1,900/t, but the price gain is unlikely to sustain
<p>LME aluminium partially recovered its recent losses and edged higher at US$1,903.50 per tonne on Wednesday, June 7. The 0.55 per cent rise in aluminium prices on the global bourse from the previous day’s close of US$1,893 per tonne is seen as a transitory turnaround by the analysts which...
LME aluminium fails to draw support from a weak dollar; drops below US$1,900/t
<p>LME aluminium failed to hold its ground and plunged below US$1,900 per tonne overnight as crude oil prices fell majorly due to ongoing Middle East tension. The key economic indicator presented a gloomy outlook despite OPEC move to extend production cuts. LME aluminium also failed to draw support...
LME aluminium inches up but likely to test support at US$1,900/t, SME aluminium drops further
<p>As short-term volatility gripped commodity market, LME aluminium inched up from its early-month drop. The aluminium price on the global bourse stood at US$1,917.50 per tonne on Monday, June 5, up from US$1,916.50 per tonne on Friday, June 2. Shanghai Metals Market (SMM) forecast says LME...
LME aluminium likely to falter as uncertainty brews in oil hub, SME aluminium to stay volatile
<p>LME aluminium is heading towards a volatile phase. With uncertainty brewing in the oil market due to souring political relationships among countries in the Middle East and North Africa (MENA), the light metal commodity is likely to experience a bumpy ride ahead. Saudi Arabia, Bahrain, Egypt and...
LME edges up slightly after two days fall; SHFE 1707 to move within RMB 13,700-13,900/t
<p>After plunging to US$ <span>1,919.50</span> per tonne on Wednesday, May 31, LME aluminium gained a little to close at US$ 1,930 per tonne on Thursday, June 1. According to an SMM analysis, LME aluminium will continue struggling around moving averages and move between USD 1,920-1,940/t...
LME dips further to face resistance at the 5-day and 10-day moving averages; SME follows suit
<p>After closing down at US$ 1943.50 per tonne on Tuesday, May 30, LME aluminium plunged further to close at US$ 1,919.50 per tonne on Wednesday, May 31. According to an SMM analysis, LME aluminium will move between USD 1,920-1,940/mt today, with strong resistance at the 5-day and 10-day moving...
