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
Aluminium price declines likely to extend through 2016
According to a leading investment banking, securities and investment management firm, aluminium prices may fall more than 10 per cent by year’s end amid ongoing weakness in Chinese demand that is unlikely to show any recovery in 2016. The firm cut its aluminium forecast to $1 350 a ton from $1 550...
MCX aluminium up by 0.5% on global cues
Aluminium prices inched up by 0.54 per cent to INR 103.10 per kg in the futures trade today as participants built up fresh positions, tracking a firm trend overseas. Furthermore, strong demand in the spot markets supported the upside. At the Multi Commodity Exchange, aluminium for delivery in...
LME aluminium to extend gains
The US plans to levy petroleum tax, boding well for crude oil prices. The US dollar index took a hit following dovish speech by US Fed official. Risk aversion will prevail on the last trading day before the holiday. LME aluminium is expected to rise to USD 1,520-1,560/mt today. SHFE 1604 aluminium...
LME aluminium to rise on positive news
Crude oil production cuts will continue cheering commodities market up. Expectations for US rate hike will weaken on poor US economic data. The ECB is expected to maintain loose monetary policy. LME aluminium is expected to rise to USD 1,510-1,540/mt on Thursday. SHFE 1604 aluminium should follow...
MCX aluminium down by 0.5% on global cues
Aluminium prices fell 0.48% to INR 103.70 per kg in futures trading today with speculators indulged in cutting down their positions, taking weak cues from global markets. Moreover, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange,...
LME aluminium poised for gains this week
LME aluminium is on track for gains this week, SMM expects. The US dollar softened somewhat on weakening expectations for US rate hike. Meanwhile, short-term moving averages of LME aluminium are pointing upward. So, LME aluminium should rise to $1,500-1,530/mt. SHFE 1603 aluminium should continue...
Aluminium falls by 0.4% on global cues
Aluminium prices fell 0.38% to INR 103.90 per kg in futures trading today, taking weak cues from global markets. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in current month shed 40 paise, or 0.38%,...
LME aluminium to approach $1,511
LME aluminium is expected to approach resistance at $1,511 per tonne, driven by a wave c. This is the third wave of a three-wave cycle from the January 12 low of $1,449. It is progressing towards $1,511, the 23.6 percent Fibonacci projection level of a downward wave C, which is the third wave of a...
MCX aluminium up by 1.2% on global cues
Buoyed by firming trend overseas and rising spot demand, aluminium futures rose by 1.24% to INR 101.75 per kg today as traders created fresh positions. At the Multi Commodity Exchange, aluminium for delivery this month moved up by INR 1.25 or 1.24% to INR 101.75 per kg in a business turnover of 554...
LME aluminium neutral in $1,453-$1,511 range
LME aluminium looks neutral in a range of $1,453- $1,511 per tonne, and an escape will point a direction. The range is formed by the 50 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50....
LME aluminium likely to consolidate this week
LME aluminium is expected to consolidate this week, SMM expects. Firm US dollar, depressed global stock market and falling commodity prices will keep LME aluminium in check between $1,470-1,500/mt. SHFE 1603 aluminium should move at 10,700-10,900 yuan per tonne, supported by tight supply in...
Aluminium futures weaken, hurt by weak global cues
Aluminium prices were down 0.55 per cent to INR 100.30 per kg in futures trade today as participants trimmed exposures amid weak global cues and sluggish demand in the domestic spot markets. At the Multi Commodity Exchange, aluminium for delivery in the current month eased by 55 paise, or 0.55 per...
Aluminium rolling costs keep on falling
Costs are falling in the rolled products industry, due to both lower LME prices and weak energy prices. Using CRU's Aluminium Rolling Cost (ARC) model, we have shown that costs fell in 2014 and 2015, with 2016 costs likely to continue their downward movement. However, from 2017 onwards we expect...
Aluminium up by 0.3% on global trend
Aluminium futures traded 0.30% higher at INR 100.75 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 January rose 30 paise,...
LME Aluminium to meet strong resistance
LME aluminium is expected to meet resistance at the 40-day moving average and move at USD 1,458-1,483/mt on Monday. SHFE 1603 aluminium should consolidate at RMB 10,580-10,750/mt. In China’s spot market, spot discounts of RMB 0-10/mt and premiums of RMB 0-30/mt are expected over SHFE 1601 contract.
LME aluminium may bounce to $1,479
LME aluminium may bounce to resistance at $1,479 per tonne, as it has found a support at $1,453. The resistance and the support are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the...
Aluminium market under long liquidation, open interest drops 2.28%
Aluminium settled down -0.61% at 97.75 logging small losses while LME aluminium, which has been the best LME performer this year, finished down 0.8 percent at $1,450 a tonne, the lowest since Dec. 1 last year. Prices may see support today as profits ahead of key trade data from China, but the...
LME aluminium may edge up to $1,511
LME aluminium may edge up to $1,511 per tonne, as it has cleared a resistance at $1,479. The resistance was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle from the September 9, 2015 high of $1,655.50. The next resistance will be at...
