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 drop to $1,531
LME aluminium is expected to drop to $1,531 per tonne, following the completion of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50. Labelled c, the final wave of the cycle could be divided into five small waves. Such a division is a strong signal that the cycle has ended. The fifth wave...
MCX aluminium outlook: Aluminium futures contract rises to INR 111.3 in Feb
Aluminium price has recovered strongly from its six-year low. The aluminium spot price on the London Metal Exchange (LME) fell to a six-year low of $1,423 per tonne in November 2015. The metal price has surged about 13 per cent from this low to the current levels of $1,604 per tonne. The strong...
LME aluminium to gather more strength this week
LME aluminium will gather more rising steam this coming week on positive sentiment in Chinese market, SMM sees. Expectations for demand recovery in Chinese aluminium market will drive LME aluminium up to challenge resistance at $ 1,600 per tonne. The first half of the year will not see massive...
LME aluminium may rise to $1,641
LME aluminium may rise to $1,641 per tonne, as it has broken a resistance at $1,585. The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the Nov. 6, 2014 high of $2,078.75 to the Nov. 23, 2015 low of $1,432.50. The next resistance will be at $1,641, the 38.2...
Indian aluminium scrap, MCX aluminium prices rise in line with LME aluminium
India major aluminium scrap commodities prices gained on Tuesday, 1st March, while aluminium futures prices at Multi Commodity Exchange settled higher as profit booking seen after prices of LME Aluminium hit a 4-1/2 month high on Monday after top metals consumer China cut its reserve ratio for...
Aluminium hits 4-1/2 month high after China cuts bank reserve ratio
Aluminium hit a 4-1/2 month high on Monday after top metals consumer China cut its reserve ratio for banks in an effort to revive flagging growth. Investors welcomed the move by China's central bank to reduce the amount of cash that banks must hold as reserves for the fifth time since February last...
LME aluminium to stay high this week, may retrace to $1,527
Aluminium at London Metal Exchange (LME) will hover at highs this week after another step forward, according to the latest study by Shanghai Metals Market (SMM). SMM sees LME aluminium trading above $1,550 per tonne, with eyes on China PMI and US employment data. Demand recovery will push alumiinum...
Aluminium futures inches up 0.14% on spot demand, global cues
Aluminium prices edged up 0.14 per cent to INR 108.34 per kg in futures trade today as participants enlarged positions, supported by strong demand in the spot markets and a better trend in the base metals pack at the London Metal Exchange (LME). Aluminium for delivery in March inched up 15 paise,...
LME aluminium may hover below $1,585 or retrace to $1,538.50
LME aluminium faces a resistance at $1,585 per tonne and may hover below this level for one day or retrace to the February 24 low of $1,538.50. The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the November 6, 2014 high of $2,078.75 to the November 23, 2015 low...
Vedanta, Hindalco to continue with cost rationalization
India’s top two aluminium manufacturers - Vedanta Ltd and Hindalco Industries Ltd - are planning further cost cuts in the face of rising cheap imports from China and drop in price realizations - a situation that the steel sector too has been facing. More than half of the domestic demand for...
LME aluminium to test support at $1,563
LME aluminium is expected to test a support at $1,563 per tonne, a break below which could cause a loss to the next support at $1,549. These supports are identified respectively as the 86.4 per cent and the 76.4 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave...
LME aluminium to test resistance at $1,563
LME aluminium is expected to test resistance at $1,563 per tonne, with a good chance of breaking above this level and rising more to the next resistance at $1,581. These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C,...
LME aluminium to test resistance at $1,563
LME aluminium is expected to test resistance at $1,563 per tonne, with a good chance of breaking above this level and rising more to the next resistance at $1,581. These resistances are identified respectively as the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave C,...
About 71% of Chinese smelters bullish over aluminium prices this week
About 71% of the 28 Chinese aluminium smelters surveyed by SMM are bullish over aluminium prices this week. These optimists expect SHFE 1604 aluminium to rise to RMB 11,350-11,500/mt and LME aluminium to rise above USD 1,580/mt, citing a series of positive factors. 1. Longs have been prevailing in...
LME aluminum poised for more gains next week
LME aluminum is on track for gains next week on improved market sentiment, SMM says. LME aluminum should rise to $1,520-1,560 per tonne. SHFE aluminum will advance to 11,100-11,400 per tonne, due to anticipation for a turnaround in aluminum consumption after the week-long holiday. Besides, aluminum...
Alba reports 2015 results: Production topped 960,643 mt up by 3.1% YoY
Aluminium Bahrain B.S.C. (Alba) released its full-year and fourth quarter of 2015 results on Thursday, February 18, 2016. Alba reported total sales of BD 766.7 million (US$ 2.039 billion) in 2015 versus BD 821.6 million (US$ 2.185 billion) in 2014, down by 7% YoY due to the collapse of...
LME aluminium may retrace to $1,515
LME aluminium may retrace to a support at $1,515 per tonne, as it failed to break a trendline resistance around $1,540. The trendline is a part of a triangle, which suggests that aluminium may retrace towards the lower trendline support around $1,490. Wave pattern indicates the metal is riding on a...
LME aluminium may rise to $1,530
Aluminium on London Metal Exchange (LME) may rise to $1,530 per tonne, driven by a powerful wave c. This is the third wave of a bigger wave C - the third leg of a three-wave cycle from the Nov. 23 low of $1,432.50. A Fibonacci projection analysis on the target of the wave C indicates it may travel...
