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 correct at lows, SMM forecasts
LME aluminium has found support at the 40-day and 60-day moving averages and will consolidate at USD 1,560-1,580/mt on Thursday. SHFE 1607 aluminium will range RMB 12,000-12,200/mt, with support at the 40-day moving average. In China’s spot aluminium market, spot discounts of RMB 0-20/mt and spot...
Vedanta pegs aluminium production cost below $1400 in FY17
Diversified metals and mining major Vedanta Resources has pegged its aluminium production cost below the level of $1400 a tonne in this financial year, aiming to close in on the gap with global producers like Rusal, Rio Tinto Alcan and Norsk Hydro. For Vedanta, keeping to its projected cost seems a...
Aluminium rolling costs keep on falling worldwide
Production costs of rolling mills are falling due to both lower LME prices and weak energy prices. According to CRU’s Aluminium Rolling Cost (ARC) model, the costs fell in 2014 and 2015, with 2016 costs likely to continue their downward movement. However, from 2017 onwards, CRU expects costs to...
Aluminium futures weaken as participants trim position
Aluminium prices fell by 0.32 per cent to INR 109.10 per kg in futures trade yesterday, May 4, after traders reduced their exposure amid muted domestic demand and weak trend in base metals at the London Metal Exchange. At Multi Commodity Exchange, aluminium for delivery in June eased 35 paise or...
LME aluminium to meet resistance
LME aluminium will meet resistance and move at USD 1,660-1,680/mt on Tuesday, with crude oil prices down due to profit-taking. SHFE 1606 aluminium will move at RMB 12,650-12,750/mt, with support at the 10-day moving average and resistance at the 5--day moving average. In China’s spot aluminium...
LME aluminium to find rising strength from SHFE aluminium
LME aluminium will find rising strength from SHFE aluminium this week, SMM predicted Friday, last week. SMM sees LME aluminium advancing to $1,640-1,700 per tonne. Aluminium stocks in China’s major markets continue falling, due to limited capacity restarts and new capacity release. Tight supply...
SHFE aluminium to lack upward momentum
SHFE 1606 aluminium will struggle around the 5-day and 10-day moving averages and move at RMB 12,500-12,700/mt today, SMM said in an early morning forecast. A softer UD dollar and rising crude oil will push LME aluminium up to USD 1,640-1,670/mt. In China’s spot aluminium market, spot discounts of...
SHFE aluminium to face possible short selling
SHFE 1606 aluminium will face possible short selling and move at RMB 12,600-12,800/mt Today, SMM observed in an early morning forecast. Despite hawkish tone during the US Fed’s policy meeting, chance remains small for a rate hike in June. LME aluminium will move at USD 1,630-1,650/mt. In China’s...
LME aluminium likely to find support around moving average, SMM says
Aluminium at London Metal Exchange will move at USD 1,530-1,550/mt today struggling around the 5-day moving average, Shanghai Metals Market foresees. SHFE 1606 aluminium will move at RMB 12,750-12,900/mt, testing support at the 5-day moving average. Spot discounts of RMB 0-40/mt in China's spot...
LME Aluminium to hold firm, SMM forecasts
Aluminium on London Metal Exchange will hold firm at USD 1,640-1,670/mt today, SMM forecasts. SHFE 1606 aluminium will challenge resistance at RMB 13,000/mt and move at RMB 12,750-13,050/mt on market bullishness. In China’s spot aluminium market, spot discounts of RMB 0-40/mt are expected over SHFE...
Aluminium long position on LME biggest since Nov 2014: Analysts
Aluminium hit the highest in over eight months on Friday, April 22, but many analysts were wary that prices were stretched and could be due a correction lower with demand still patchy. Strong buying lifted metals in the European afternoon as stops were hit and speculators chased prices higher after...
Aluminium prices rocket higher from oversold levels
Aluminium was quick to correct lower after stalling at $1,605 early in March, dropping to $1,475. The sell-off attracted buying that led to a rebound to $1,548. Prices then consolidated but have since pushed higher again; the push has turned to a sprint, with prices gaining more than $100 in four...
Bounce in oil prices bolster base metals; Aluminium hits six-month peak in London
Aluminium hit a six-month peak on Wednesday as the appetite for risk increased among investors who took a more upbeat view on the Chinese economy and saw commodities as relatively cheap. Analysts attribute the buoyancy in metals markets to the bounce in oil prices. "I think there's some restocking...
Aluminium stalls on prospect of Chinese production restarts
Aluminium on London Metal Exchange (LME) gained 1.1 per cent to reach $1,587, its highest since March 8. But Chinese exports and oversupply are expected to weigh on prices over the coming weeks and months as recent gains entice Chinese smelters to restart aluminium output. That prospect has seen...
LME aluminium to take hit from falling crude oil
Base metals are expected to fall today, dragged down by crude oil prices. No agreement was reached at the Doha meeting on crude oil freeze plan. The next meeting on oil issue will be held in June. Crude oil prices plunged 6 per cent after opening during Asian trading hours, and are expected to fall...
LME aluminium to test resistance at $1,539
LME aluminium is expected to test a resistance at $1,539 per tonne, a break above which could lead to a gain to the next resistance at $1,564. The uptrend from the March 24 low of $1,475 has resumed, driven by a wave c. A Fibonacci retracement analysis on the rise from the November 23, 2015 low of...
LME aluminium neutral in a range of $1,498- $1,519
LME aluminium was neutral in a range of $1,498- $1,519 per tonne last week, and an escape will point a direction. The range was formed by the 61.8 per cent and the 50 per cent Fibonacci retracements on the rise from the November 23, 2015 low of $1,432.50 to $1,605. A rise above $1,519 could be...
LME aluminium to face technical correction
LME aluminium is likely to face technical correction early this week and move at USD 1,505-1,530/mt, predicted SMM. China’s March CPI and PPI are expected to beat forecast. SHFE 1606 aluminium will move at RMB 11,700-11,800/mt, with market sentiment improving. In China’s spot aluminium market, spot...
