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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Former LME CEO Abbott in talks to build new metals trading platform
According to reports, several global base metals brokers are engaged in discussions with the former CEO of London Metal Exchange on the subject of starting a new trading platform as an alternative to the LME. Several “high-profile LME Category One” traders are believed to be in support of the...
LME aluminium to fluctuate wildly
The US dollar index hovered at lows while crude oil prices stayed at highs. This will leave LME aluminium moving widely at USD 1,540-1,570/mt today, SMM observed in an early morning forecast. Downstream stocking ahead of the Dragon Boat Festival will support SHFE 1608 aluminium at RMB...
Goldman stays a bear on aluminium as output ramps up in China
Aluminum prices will probably extend losses as production in China is set to increase after a rally lifted smelters’ profits, according to Goldman Sachs Group Inc. With most producers in the world’s largest supplier posting solid margins, output growth will accelerate to 4 percent year-on-year in...
Caution to dominate SHFE aluminium market
Caution will dominate before the release of China May manufacturing PMI. SHFE 1607 aluminium will move narrowly between RMB 12,000-12,300/mt today. LME aluminum will fluctuate at USD 1,540-1,565/mt, with growing resistance. In China’s spot aluminium market, spot premiums of RMB 80-120/mt are...
SHFE aluminium to fall as shorts gain upper hand, SMM surveys
SHFE 1607 aluminium will test support at the 60-day moving average and will move at RMB 11,900-12,050/mt today, SMM observed in an early morning forecast. LME aluminium will move at lows of USD 1,540-1,560/mt, despite crude oil breaking through USD 50/bbl. In China’s spot aluminium market, spot...
LME aluminium to outperform SHFE aluminium
LME aluminium will move at highs of USD 1,550-1,570/mt today, with support at the 5-day and 10-day moving averages, observed SMM in an early morning forecast. SHFE 1607 aluminium will test support at the 40-day moving average and will move at RMB 12,170-12,330/mt due to a lack of market confidence....
CME bids to boost its metal storage network, challenge LME
The CME Group is talking to several warehouse companies to expand its metal storage network globally, three metal industry sources told Reuters, a move that could further challenge the London Metal Exchange's (LME) dominance. In recent years the CME, the world's largest futures market operator, has...
LME aluminium to remain range-bound
The US dollar index will hover near current levels while market is waiting for US economic data and speech by Fed Chair Yellen. LME aluminium will trade at USD 1,540-1,560/mt on Tuesday. SHFE 1607 aluminium has found support and will move at RMB 12,250-12,350/mt. In China’s spot aluminium market,...
60% Chinese aluminium smelters expect aluminium prices to stabilize this week
About 60 per cent of them see SHFE 1607 aluminium stabilizing at RMB 12,250-12,500/mt and LME aluminium consolidating at USD 1,530-1,550/mt. On the technical side, the 10-day moving average will offer support, while the 20-day moving average will pose resistance. Investors are rolling positions to...
LME aluminium to see range-bound trading
LME aluminium will struggle around the 5-day and 10-day moving averages and trade in a tight range of USD 1,540-1,560/mt on Monday. SHFE 1607 aluminium will find support at the 5-day and 20-day moving averages and move at RMB 12,350-12,550/mt. In China’s spot aluminium market, spot premiums of RMB...
LME aluminium to consolidate in $1,529-$1,559 range
LME aluminium may consolidate in a range of $1,529-$1,559 per tonne for one or a few days before rising again. The bounce from the May 13 low of $1,531 seems to be incomplete. However, the metal may have not accumulated enough bullish momentum to bounce beyond the resistance at $1,559, the 50...
Strong US dollar to weigh on LME aluminium
The US dollar index rose above 95 as minutes of the US Fed’s April meeting strengthened expectations for rate hike in June. This will drag LME aluminium down to USD 1,535-15,55/mt on Thursday. SHFE 1607 aluminium will move at RMB 12,200-12,420/mt. In China’s spot aluminium market, spot premiums of...
SHFE Aluminium to gather rising strength
SHFE 1607 aluminium will challenge RMB 12,500/mt on May 18 with longs gathering strength, SMM observes LME aluminium will struggle around the 5-day moving average and range USD 1,540-1,560/mt during Asian trading hours Wednesday. Spot aluminium will trade at discounts of RMB 10/mt and premiums of...
About 67% Chinese aluminium smelters expect aluminium prices to rise this week
SMM surveyed 36 Chinese aluminium smelters about their opinions over aluminium price outlook. Those optimists see SHFE 1607 aluminium breaking through the 10-day moving average and LME aluminium rising above USD 1,550/mt. First, aluminium capacity restarts in China are limited. China’s aluminium...
LME Aluminium may hover above $1,529
Aluminium on London Metal Exchange (LME) has found a key support at $1,529 per tonne, and may hover above this level or bounce to a resistance at $1,559. The support is provided by the 61.8 percent Fibonacci retracement on the rise from the Nov. 23, 2015 low of $1,432.50 to the April 29 high of...
SHFE Aluminium to lack rising momentum
SHFE 1607 aluminium will struggle around the 5-day moving average and move at RMB 12,050-12,200/mt on Monday. LME aluminium will remain weak at USD 1,530-1,550/mt. In China’s spot aluminium market, spot discounts of RMB 0-10/mt and spot premiums of RMB 0-30/mt are expected over SHFE 1605 aluminium...
LME aluminium to see range-bound trading
LME aluminium has fallen below all moving averages, and will trade in a narrow range of USD 1,540-1,560/mt on Friday. SHFE 1607 aluminium will range RMB 11,900-12,100/mt. In China’s spot aluminium market, spot discounts of RMB 0-20/mt and spot premiums of RMB 0-20/mt are expected over SHFE 1605...
LME representative among BIR Nonferrous speakers
The Bureau of International Recycling (BIR) Non-Ferrous Metals Division has announced three guest speakers who will address “the main parameters that are currently determining the market dynamics for nonferrous metal scrap” at the BIR’s World Recycling Convention in Berlin on May 31, 2016. The...
