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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SHFE Aluminium to face technical correction
SHFE 1606 aluminium will face technical correction after falling below the 10-day moving average, and should move at RMB 11,600-11,750/mt on Friday, SMM forecasts. According to SMM, LME aluminium will trade in a range of USD 1,490-1,510/mt, In China’s spot aluminium market, spot discounts of RMB...
SHFE aluminium poised for gains
SHFE 1606 aluminium will get off to a good start after three-day holiday and move at RMB 11,860-11,960/mt on Tuesday. LME aluminium will follow SHFE aluminium up to USD 1,535-1,550/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 Aluminium to resist declines
SHFE 1605 aluminium proved resistant to declines and is expected to move at RMB 11,700-11,800/mt on Thursday. LME aluminium will range USD 1,488-1,510/mt, with support at the 5-day moving average. In China’s spot aluminium market, spot discounts of RMB 0-40/mt are expected over SHFE 1604 aluminium...
MCX Aluminium up by 0.4% on global trend
Aluminium futures traded 0.41 per cent higher at INR 99.15 per kg, largely in tandem with a firming trend in base metals at the London Metal Exchange (LME). Besides, increased demand at domestic spot markets influenced prices. At Multi Commodity Exchange, aluminium for delivery in current month...
LME aluminium to test support at $1,470
LME aluminium is expected to test a support at $1,470 per tonne, with a good chance of breaking below this level and falling more towards $1,449. The support is identified as the 86.4 per cent Fibonacci retracement on the rise from the January 12 low of $1,449 to the March 7 high of $1,605,...
JPMorgan reduces aluminium stockpile at LME
JPMorgan Chase has quietly reduced its multibillion-dollar stockpile of aluminium as the London Metal Exchange moves to introduce new rules on the reporting of outsized positions. Until last week, one party - identified as JPMorgan by traders, brokers and warehouse owners - was holding more than...
India Aluminium futures weaken on global cues
Aluminium prices were down 0.10 per cent to INR 101.95 per kg in futures trade as investors reduced exposure amid weak global cues. Besides, sluggish demand in the domestic spot markets weighed on the metal's prices. At the Multi Commodity Exchange, aluminium for delivery in April eased 0.10 per...
Aluminium futures firm up on global trend
Aluminium futures traded higher at INR100.20 per kg, largely in tandem with a firming trend in base metals at the London Metal Exchange (LME). Besides, increased demand at domestic spot markets also influenced prices. At the Multi Commodity Exchange, aluminium for delivery this month rose 15 paise...
About 48% of Chinese aluminium smelters bullish over prices this week
About 48 per cent of the 42 Chinese aluminium smelters surveyed by SMM expect aluminium prices to rise this week. Those optimists see SHFE 1605 aluminium rising above RMB 11,500/mt and LME aluminium advancing above the 40-day moving average to USD 1,535-1,560/mt, citing positive factors. First,...
LME aluminium to hover above $1,509
Aluminium at London Metal Exchange (LME) seems to have stabilised around a support at $1,509 per tonne and may either hover above this level for one day or rebound to a resistance at $1,545. The support and the resistance are identified respectively as the 61.8 per cent and the 38.2 per cent...
Falling China aluminium stocks to lift prices this week
Aluminum prices will gain momentum from falling aluminum stocks in China’s five major markets, which have posted their first declines since after the 2016 Lunar New Year holiday. SMM sees SHFE 1605 aluminum challenging resistance at 11,500 yuan per tonne and spot discounts in China narrowing to...
Spot demand, global cues lift aluminium futures by 0.59%
Aluminium prices edged up 0.59 per cent to INR 101.90 per kg in futures trade today as participants enlarged positions, supported by strong demand in the spot markets amidst a positive trend in the base metals pack at the London Metal Exchange (LME). Aluminium for delivery in current month edged...
Aluminium stockpiles fall as LME tightens warehousing rules
Traders pulling metal out of London Metal Exchange warehouses is not an uncommon practice. The amount stored in depots tracked by the world's biggest metals bourse has almost halved from a 2013 peak and is near a seven-year low. Aluminium along with a certain other non-ferrous metal has accounted...
JPMorgan rattles traders with LME aluminium stockpile
JPMorgan Chase is holding more than half of the aluminium on the London Metal Exchange, a multibillion-dollar position that has rattled rival traders and raised questions in London’s tight-knit metal market about its influence on prices. The bank’s $2bn-plus physical stockpile of aluminium, which...
Aluminium price rally unsustainable as China’s production likely to increase significantly
Since mid-January, aluminium prices have grown 7.8 per cent. Even though the recent recovery in prices of metals is largely a technically driven move and not in line with demand fundamentals, a part of the aluminium price performance is more fundamentally driven as the markets have gone through a...
Closer look at LME aluminium prices reveals anomalies
A first glance at aluminium prices on the London Metal Exchange yields few surprises, yet a closer look often reveals anomalies caused by one market participant holding large amounts of metal. Sources at commodity trading houses, warehouses, producers, brokers and banks say recently one such...
LME aluminium may approach $1,582
LME aluminium may approach a resistance at $1,582 per tonne, as it has found a support at $1,545. The resistance and the support are identified respectively as the 14.6 percent and the 38.2 percent Fibonacci retracements on the rise from the January 12 low of $1,449 to March 7 high of $1,605. The...
LME Aluminium to underperform SHFE Aluminium this week
SHFE aluminium will gather more steam on positive market fundamentals in China, while LME aluminium will face short selling pressure, SMM expects. Capacity restarts and new capacity release are still limited in domestic aluminium market. Consumption is still in recovery. As such, aluminium stocks...
