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 to remain range-bound, SHFE designates warehouse for aluminium delivery
<p>Volatility is setting in across global base metal prices amid cautious market sentiment. LME aluminium after trading at around US$1,752/mt on Wednesday stumbled 0.91 per cent to close at US$1,736/mt on Thursday, December 15. Shanghai Metals Market forecast says, the contract will keep ranging at...
LME and Chinese aluminium expected to diverge as U.S. dollar index rises after Fed rate hike
<p>LME Aluminium broke through the 5-day moving average as the U.S. Federal Reserve raised interest rate in yesterday's meeting. The contract after trading at highs throughout the day closed at US$1,752/mt on Wednesday, marginally down by 0.17 per cent from Tuesday. With the U.S. dollar index...
LME Aluminium edges higher but China aluminium dips amid cautious trading
<p>As the U.S. Federal Reserve readies to end the year with Interest Rate Hike to be decided in today's policy meeting, markets take guard with wary sentiment. Crude oil prices, on the other hand, have jumped by 4.82%, sitting at US$56.95/bbl. The price rally in the benchmark oil prices got...
LME Aluminium meets resistance, SHFE prices to fluctuate at current range
<p>LME Aluminium met resistance after rising for three consecutive days and closed at US$1,749.50/mt on Monday, December 12. Shanghai Metals Market predicts, the contract will move in the range of US$1,725-1,745/mt on Tuesday. <br /><br />The market is now looking ahead to the possible interest...
LME Aluminium to rise further, SHFE base metal prices expected to swing this week
<p>LME Aluminium ended the last week amid gains after increasing for three days in a row. The contract broke through the 20-day moving average and closed at US$1,742.50/mt after Friday's night trading. According to Shanghai Metals Market forecast, with the market firming LME aluminium will increase...
LME aluminium strengthens while SMM foresees fluctuation in SHFE prices
<p>LME aluminium strengthened as speculation over positive key macroeconomic data to be released on Friday and in the short term supported commodity prices. The U.S dollar futures index neared a one-week high during afternoon trading on Thursday, after European Central Bank President Mario Draghi...
LME Aluminium closes with gains but SMM says volatility will persist across the board
<p>LME aluminium seems to be moving into a volatile range. The contract after trading at around US$1,718/mt on Tuesday, closed with gains at US$1,728/mt after Wednesday's night trading. Rising oil prices which climbed to a 16-month high after OPEC agreed to trim output, last week, by 1.2 million...
LME Aluminium weakens as dollar rallies, China aluminium to move 'weakly', says SMM
<p>LME aluminium prices took a hit as US dollar index rallied on Tuesday's night trading. The contract underperformed and dropped below the 40-day moving average closing at US$1,718/mt on Tuesday, down 0.58 per cent from previous day's closing at US$1,728/mt. <br /><br />According to Shanghai...
LME Aluminium gains support from a weak dollar and rising oil prices
<p>LME Aluminium reversed its downward trend as two major macroeconomic factors- the US dollar index and oil prices gave support. The US dollar index dropped to 100 from highs after Italian vote and oil soared more than 10 per cent on Wednesday to over $50 a barrel- its highest in a month,...
LME Aluminium falls weighed on by a strong dollar, SHFE Aluminium sets to swing this week
<p>Elections in Italy held on November 4 saw majority Italians voting against the move to amend post-war constitution and Prime Minister Matteo Renzi stepping down in populist revolt which sent the US dollar to new highs. The strong dollar, in turn, weighed down LME aluminium prices. The contract...
LME Aluminium to be range-bound at US$1,710-1,745/mt, but 'trading will be caution' says SMM
<p>LME Aluminium is edging higher. After the Organization of Petroleum Exporting (OPEC) Countries reached a consensus to cut production by 1.2 million barrels a day starting in January 2017, yesterday, the metal investors took a cue and moved money into the commodity markets making industrial...
LME Aluminium gets support from oil output cut agreement, SHFE Aluminium drops further
<p>LME Aluminium price fall finally took a hiatus with the OPEC members reaching consensus on oil output cut on Thursday. The contract which traded at around US$1,722/mt on Tuesday, closed at US$1,722.50/mt on Wednesday. On Thursday, December 1, LME aluminium price will move in the range of...
A strong dollar to weigh on LME Aluminium, money supply tightens in China
<p>LME aluminium after diving overnight on Monday moved above the 10 and 20-day moving averages to close at US$1,766.50/mt. The price fall was in tandem with other base metal futures traded on the exchange. The US long-term government treasury rate increased over market expectations of a possible...
LME aluminium to move in a tight range, base metals in China firm on Yuan devaluation
<p>Positions of LME aluminium increased throughout last week and found a support at lows. After a constant rise the contract closed at its week’s highest at US$1,774/mt on on Thursday. However, on Friday, November 25, LME official cash price of aluminium dropped to settle at US$...
LME aluminium posts further gain, SME aluminium dips 1.7%
<p>LME aluminium is trending higher. The contract after trading at around US$1,765.50/mt on Thursday closed at US$1,774/mt at the end of night trading. The current LME official cash buyer price of aluminium, as on November 25, stands at US$1,773/mt; the 3-months buyer price is US$1,775/mt; and the...
LME aluminium to rise further as outlook for base metals remains optimistic
<p>LME aluminium price continues to rise. On Wednesday, the contract closed at US$1,765/mt and Shanghai Metals Exchange says it will range between US$1,760-1,795/mt on Thursday, November 24. The current cash buyer price of LME aluminium is recorded at US$1765/mt and LME official opening stock of...
LME aluminium price rally cools down but SMM says it's 'normal'
<p>LME aluminium is on an upward trajectory. Marginal decline in China's aluminium exports this year coupled with steep rise in thermal coal and alumina prices have buoyed the prices up on the bourse, so much so that even the most pessimistic estimates put the annual demand growth rate of the metal...
LME, SHFE aluminium post gains as China stocks tighten and global aluminium market ends in deficit
<p>Aluminium prices on major bourses across the world have staged a strong comeback after the last week's slump with LME aluminium closing at US$1,726/mt on Monday, November 21. Yesterday, the contract touched the 20-day moving average and is expected to challenge the 10-day moving average on...
