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 may fall to $1,448
LME aluminium may break a support at $1,465 per tonne and fall more to the next support at $1,448, as the bounce from the Nov. 23 low of $1,432.50 could have completed. The completion has been suggested by the depth of the fall from the Dec. 24 high of $1,564. A Fibonacci retracement analysis on...
Aluminium may trade 97-101.4 range, support at 98
Aluminium settled down -1.49% at 98.85 tracking weakness from LME aluminium which ended down 2.2 percent at $1,473, having hit a month low earlier at $1,464 despite news that Malaysia is pushing to suspend bauxite mining due to concerns about its impact on the environment, threatening to interrupt...
LME data shows warehousing firm Metro will charge the most to store aluminium
Warehouse firm Metro International Trade Services, at the heart of a controversy surrounding queues to get metal released from storage is planning to charge the highest rents for aluminum stocks in warehouses approved by the London Metal Exchange. Data from the LME last week showed Metro is...
Aluminium price rise though surprising has little long-term significance
The London Metal Exchange (LME) aluminium price has risen from the low $1,400s per metric ton in October to the mid $1,550s last week. At the same time, the Japanese have started settling first quarter 2016 physical delivery premiums at $110 per mt, 22% higher than the previous quarter, the first...
Aluminium may trade 100-103 range: SMC
Aluminium in London Metal Exchange (LME) may move in range of 100-103 in the month of December. This week's trading is expected to be volatile in what will be a shortened week as the LME's electronic trading platform will close today and will remain closed until January 4 for New Year holidays....
Slowing demand from China weighs LME aluminium down 0.3 percent
London aluminium edged lower on Wednesday, December 30th, giving up some of their gains from the previous session as concerns over slowing demand in top consumer China and weakness in crude oil weighed on prices. LME aluminium slid 0.3 percent to $1,530 a tonne. "LME aluminium price is under...
Aluminium futures weaken on global cues
Aluminium prices fell 0.55 per cent to INR 100 per kg in futures trade today after traders reduced their exposure amid weak global cues. Besides, sluggish demand in the domestic spot market weighed. At Multi Commodity Exchange, aluminium for delivery this month eased 55 paise, or 0.55 per cent, to...
LME aluminium to retest support at $1,420 in three months
LME aluminium is expected to retest a support at $1,420 per tonne over the next three months, a break below which could cause a loss to the next support at $1,255. These supports are identified respectively as the 61.8 percent and the 76.4 percent Fibonacci projection levels of a downward wave (c),...
Aluminium futures weaken on overseas cues, shed 0.10 per cent
Aluminium prices were down 0.10 per cent to INR 100.70 per kg in futures trade today as investors cut down their bets amid weak Asian cues and sluggish demand in the domestic spot market. In futures trading at the Multi Commodity Exchange, aluminium for delivery in the current month eased by 10...
Aluminium prices to shine among base metals this week
Aluminium prices, both on the SHFE and LME, will continue gathering strength this week, as market will continue digesting positive news from China. Aluminium stocks in China’s major trading markets have been falling for six weeks in a row and destocking accelerated with expanding production cuts....
Aluminium futures weaken on global cues
Aluminium prices were down 0.50 per cent to INR 99.95 per kg in futures trade today as participants trimmed exposure amid weak global cues and sluggish demand in the domestic spot markets. At the Multi Commodity Exchange, aluminium for delivery in current month eased by 50 paise, or 0.50 per cent,...
LME aluminium to find support from China production cuts this week
LME aluminum will find support from aluminium production cuts in China next week, SMM expects. Aluminium stocks in China have been falling for four weeks in a row on growing production cuts. This will support SHFE aluminum , in turn putting a floor under LME aluminium as well. A firm dollar will...
43% of Chinese smelters bullish toward aluminium prices this week, SMM Survey
43% of the 42 Chinese aluminium smelters surveyed by SMM are bullish toward this week’s aluminium prices. Another 33% expect prices to stabilize, while the rest 24% paint a gloomy picture. The optimists expect LME aluminium to rise above USD 1,500/mt and SHFE 1602 aluminium to climb above RMB...
SHFE aluminum to continue outperforming LME aluminum on massive output cut plan
SHFE aluminum will continue faring better than LME aluminum next week on huge scale output cut plans in China, SMM expects. The announcement by 14 major Chinese aluminum smelters that aluminum capacity cuts in China will expand to 4.91 million-tpy in 2015 cheered market up. This will push SHFE...
Aluminium down on caution over output cuts, firm dollar
Aluminium fell on Thursday on disappointment over the scope of production cutbacks in China while a firmer dollar also weighed on the industrial metals market. Chinese aluminium producers look to combat a slump in local prices to record lows; but analysts said much more was needed to curb an over...
Aluminium inches up 0.40% on spot demand
Aluminium prices edged up 0.40 per cent to INR 100.75 per kg in futures trade today as participants enlarged positions,supported by strong demand in the spot markets. However, a weak trend in the base metals pack at the London Metal Exchange (LME) capped the gains. Aluminium for delivery in January...
Aluminium glut piling up at hidden Asian warehouses
Falling official inventories of aluminium are offering a deceptive picture of stronger fundamentals, while unreported stocks are surging to record highs, threatening to weigh on already hard-hit prices. The build-up of inventories is off the radar of many investors since most are in unregistered...
LME aluminium faces resistance at $1,518
LME aluminium faces a resistance at $1,518 per tonne, a break above which could lead to a gain to the next resistance at $1,544. These resistances are provided respectively by the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the September 9 high of $1,655.50 to the...
