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 see range-bound trading
<p>The US Fed Chairwoman’s speech at the meeting in Jackson Hall will come under the spotlight today. Crude oil prices will fluctuate widely on positive and negative news. LME aluminium will move between USD 1,635-1,655/mt.<br /><br />SHFE 1610 aluminium will move at RMB 12,250-12,430/mt. <br...
UC RUSAL announces results for the 2nd Quarter and 1st Half ended 30 June 2016.
<p>Russian Aluminium major UC RUSAL announces its results for the 2nd Quarter and 1st Half ended 30 June 2016. The aluminium industry remained under strong pressure throughout the 1st half of the year due to the volatility in the commodity market. There was a slight recovery of 3.7% in the LME...
LME aluminium to be wighed on by a strong dollar ahead of US Fed conference
<p>According to the analysts at Shanghai Metals Market, the base metal industry expects that the US Fed Chairwoman, in likelihood, will deliver 'hawkish speech' at the upcoming conference scheduled Friday, which will strengthen the US dollar. The speculation drove EIA crude oil stocks up. The...
RUSAL’s Q2 FY2016-17 core earnings to rise 8% QoQ, say analysts
<p>Russian aluminium behemoth UC Rusal is expected to post a quarter-on-quarter eight per cent surge in core earnings in the second quarter of FY2016-2017, according to a survey conducted among analysts from six global banks. <br /><br />Analysts are of the opinion that Rusal's Q2 FY2016-17...
LME aluminium to hover at highs this week, SMM expects
<p>Both LME and SHFE aluminium will consolidate at highs this week, SMM predicts.<br /><br />LME aluminium will remain firm between $1,650-1,720 per tonne, while SHFE 1610 aluminium will consolidate at 12,300-12,800 yuan per tonne, supported by low aluminium stocks in China. <br /><br />Aluminium...
A weakening dollar drives aluminium to a month-high
<p>Aluminium traded on London Metal Exchange hit one-month high on Tuesday, August 16, as dollar slipped, wighed on by signals that the U.S. interest rates would remain on hold, and speculators sped up to buy the metal used in cans to spacecrafts. <br /><br />The dollar index nose-dived to a...
64% Chinese aluminium smelters see aluminium prices stabilize this week
<p>SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 64 per cent of them expect SHFE 1610 aluminium to stabilize between RMB 12,200-12,350/mt and LME aluminium between USD 1,630-1,655/mt. Aluminium stocks in domestic five major markets continued...
LME aluminium to consolidate at highs next week, SMM expects
<p>Aluminium prices on the LME and SHFE will consolidate at current highs while searching for direction next week, SMM foresees.</p> <p>SMM sees ME aluminium between $1,630-1,680 per tonne and SHFE 1610 aluminium between 12,100-12,500 yuan per tonne. Low aluminium stocks in China will offer support...
LME aluminium to remain under downward pressure
<p>LME aluminium will range USD 1,635-1,655/mt today with resistance at USD 1,650/mt and technical side trending negative.<br /><br />SHFE 1610 aluminium will struggle between RMB 12,300-12,500/mt. <br /><br />In east China’s spot aluminium market, spot premiums of RMB 0-40/mt are expected...
London Metal Exchange cuts fees after pressure from members
<p>The London Metal Exchange has bowed to pressure from disgruntled members and slashed fees for one of its most popular trades in an attempt to stem falling activity.<br /><br />The move is a climbdown for the world’s centre for metals trading and its parent company Hong Kong Exchanges and...
Falling aluminium inventories supporting LME and SME aluminium
<p>As a standard reflection of dropping aluminium inventories dropped in LME warehouses as well as Shanghai Futures Exchange, aluminium prices have been showing an upward trend with the LME closing at $ 1,645 and SME closing at $ 1,908 on August 1. Aluminium prices climbed signaling tighter...
Aluminium prices decline 0.6% to close slightly lower at $1,620 per ton
<p>Aluminium contract traded on London Metal Exchange fell 0.6 per cent to close slightly lower amid growing pressure on base metals following a rise in the US dollar value. <br /><br />On Wednesday, US dollar gained strength following ADP’s positive private payroll data. As strong US dollar...
Aluminium consolidating recent gains; prices encountered resistance at $1,638
<p>Aluminium is consolidating, having failed to find follow-through buying momentum above $1,640 yesterday, as implied by the long upper shadow.<br /><br />Prices have encountered resistance from the 20 DMA at $1,638 but are so far holding support at $1,630 from the 40 DMA and the UTL formed by...
SHFE aluminium to swing widely and outperform LME aluminium this week
<p>Manufacturing PMIs in China and major economies in the euro zone are expected to change little in July from June. LME aluminium will test resistance at the 20-day moving average and move at USD 1,630-1,650/mt. LME aluminium is unlikely to get rid of weakness, while SHFE aluminium will get...
SHFE aluminium to swing widely
<p>SHFE 1609 aluminium will swing widely between RMB 12,220-12,420/mt, due to short covering at lows and profit taking by longs at highs. <br /><br />LME aluminium will move at USD 1,600-1,615/mt. <br /><br />In east China’s spot aluminium market, spot premiums of RMB 160-200/mt are...
Consumer buying lifts aluminium prices off the lows
<p>With worries regarding oversupply of from Chinese smelters growing graver, aluminium price took a plunge to hit its lowest in six weeks, only to be lifted by consumer buying to a certain extent. Other nonferrous metals were also weighed on by a stronger US dollar. <br /><br />Volumes of the...
U.S. rate hike prospects weigh on LME aluminium prices
<p>Aluminium prices, after holding ground for a month, took a nose-dive on London Metal Exchange, on Tuesday, while other base metals touched one-week lows as uncertainty swept across markets ahead of the U.S. central bank meeting and as worried investors took guard by selling to book profits...
Brexit pushes back HKEX's plan of commodities clearing link with LME
<p>The Hong Kong Stock Exchange's planned move to link with London Metal Exchange has been put on hold due to Britain's recent exit from the European Union. <br /><br />The HKEX's decision to enter into a commodities clearing link with its London Metal Exchange (LME) was aimed at making LME more...
