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
LME aluminium to still under downward pressure
<p>LME aluminium suffered a 4-day losing streak and will fall further to USD 1,605-1,630/mt today, with eyes on the ECB meeting. <br /><br />SHFE 1609 aluminium has stabilized at above the 40-day and 60-day moving averages, and will rise to RMB 12,300-12,450/mt. In China’s spot aluminium...
SMM: Wait-and-see sentiment to prevail in SHFE aluminium market
SHFE 1609 aluminium will move at RMB 12,550-12,750/mt today, with strong wait-and-see sentiment. LME aluminium will hold above the 5-day moving average, with price range at USD 1,665-1,690/mt. In China’s spot aluminium market, spot discounts of RMB 0-10/mt and premiums of RMB 0-30/mt are expected...
55% Chinese aluminium smelters see aluminium prices stabilizing this week, SMM survey
SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 55 per cent of them expect SHFE 1609 aluminium to consolidate at RMB 12,450-12,600/mt and LME aluminium at USD 1,635-1,665/mt, citing two reasons. First, positive US June non-farm employment has...
SHFE aluminium to gather rising strength
Big possibility of short squeeze will push SHFE 1609 aluminium up to RMB 16,520-16,700/mt on Monday, June 11. The US dollar gained favor as US non-farm payrolls hit 8-month high in June. But strong dollar will have little impact on LME aluminium. LME aluminium will move at USD 1,650-1,675/mt. In...
LME and SHFE aluminium to post declines
Positive US ADP employment means US non-farm payrolls will not be bad, which will favor the US dollar. This will pile downward pressure on LME aluminium, with prices expected at USD 1,630-1,645/mt. SHFE 1609 aluminium will move at RMB 12,400-12,500/mt. In China’s spot aluminium market, spot...
SHFE aluminium to move higher
SHFE 1609 aluminium should grow to RMB 12,500-12,700/mt today with positive technical indicators. Eyes will be on US June ADP employment data due for release tonight. LME aluminium will move at USD 1,640-1,660/mt. In China’s spot aluminium market, spot premiums of RMB 40-80/mt are expected over...
Indian mines ministry may push for duty hike on primary aluminium products
The Ministry of Mines, India, is expected to consider pushing for a hike in the customs duty on primary aluminium products to provide relief to an industry suffering from low prices and underutilised manufacturing capacity. "We have asked the industry to make a representation to push their case...
LME aluminium to face downward pressure
Market will eye US May durable goods orders today. Crude oil prices will meet pressure from recovering supply. LME aluminium will test support at the 5-day moving average and move at USD 1,635-1,655/mt. SHFE 1609 aluminium will move at RMB 12,300-12,500/mt on Monday. In China’s spot aluminium...
SHFE aluminum to aeet strong resistance
SHFE 1609 aluminum will meet strong resistance and move at RMB 12,550-12,800/mt on Monday. Positive June manufacturing PMIs from major economies will push LME aluminum up to USD 1,650-1,675/mt. In China’s spot aluminum market, spot premiums of RMB 0-40/mt are expected over SHFE 1607 aluminum...
SHFE aluminium to outperform LME aluminium
The US dollar index kept rising following UK leave vote. A series of US economic data to be released later in the day will have temporary impact on the US dollar index. LME aluminium will continue facing downward pressure from strong dollar and drop to USD 1,585-1,605/mt. Impact on SHFE 1608...
LME aluminium to swing wildly next week, SMM expects
LME aluminium will move in a wide range next week, SMM says. Market attention will focus on what monetary policies major economies will introduce after the UK leaves the EU. The US dollar index will have big impact on LME aluminium. SMM sees LME aluminium at $1,580-1,640 per tonne, with support at...
SHFE aluminium to consolidate at highs
SHFE 1608 aluminium will consolidate at highs of RMB 12,250-12,400/mt today, with eyes on UK referendum. LME aluminium will move at highs of USD 1,625-1,645/mt. In China’s spot aluminium market, spot premiums of RMB 90-130/mt are expected over SHFE 1607 aluminium contract. Key macroeconomic...
LME aluminium still targets $1,648
LME aluminium still targets $1,648 per tonne, as it has been hovering above a resistance at $1,624 after breaking it. The resistance was provided by the 86.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50. The...
Caution to prevail in SHFE aluminium market
SHFE 1608 aluminium will continue trading in a tight range of RMB 11,860-11,990/mt today on strong market caution. The US dollar will gain favor before referendum on UK exit from the EU. Japan’s trade data for May might be worse than expected. LME aluminium will move at USD 1,605-1,625/mt. In...
LME aluminium may break resistance at $1,624
LME aluminium may break a resistance at $1,624 per tonne and gain further to the next resistance at $1,648, driven by a wave C. This is third wave of a three-wave cycle from the November 23, 2015 low of $1,432.50. A Fibonacci projection analysis on the target of this wave reveals two resistances at...
Risk-on sentiment lifts aluminium to highest since May 5
Aluminium hit its highest level in nearly six weeks on Wednesday and copper also jumped as the dollar dipped and investors bought more risky assets ahead of a Federal Reserve meeting. All the metals on the London Metal Exchange were swept higher, also getting a boost as some speculators closed out...
45% Chinese aluminium smelters bearish toward aluminium prices this week
SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 45 per cent of them expect SHFE 1608 aluminium to fall below RMB 11,800/mt and LME aluminium below USD 1,560/mt. First, the price spread between SHFE 1606 and 1607 aluminium contracts is as big as...
Aluminium up by 1% on global cues
Aluminium prices edged up by INR 1.10 to INR 107.20 per kg in futures trade on Thursday, June 9, as participants enlarged their positions, supported by a strong spot demand in the physical market. In futures trading at the Multi Commodity Exchange, Mumbai, aluminium for delivery this month inched...
