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 outperform LME aluminium this week
SHFE aluminium will outperform LME aluminium this week on positive news from China, SMM expects. Capacity cuts in Chinese aluminium market are intensifying, which will cheer market up. This will push SHFE aluminum up to 10,300-10,500 yuan per tonne, SMM predicts. A firmer US dollar amid high...
Aluminium strengthens on global cues
Aluminium prices firmed up by INR 2 per kg at the non-ferrous metal market today, tracking a firm trend overseas. Traders said increased demand from consuming industries and a firming trend in metal at the London Metal Exchange supported the upside in aluminium prices. Meanwhile, aluminium for...
LME aluminium to extend upward momentum this week
LME aluminium will extend upward momentum into next week, SMM expects. SHFE aluminium will rise further to 10,400-10,800 yuan per tonne on more short-covering triggered by output out news. And this will push LME aluminium up to 1,500-1,550 per tonne. A firm US dollar amid high expectations for US...
LME aluminium still targets $1,401-$1,418 range
LME aluminium still targets a range of $1,401-$1,418 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis. The range is formed by the 214.6 percent and the 200 percent Fibonacci projection levels of a downward wave (c), the third wave of a three-wave cycle from the Sept....
52% of Chinese aluminium smelters bearish toward aluminium prices, SMM survey
52% of the 27 Chinese aluminium smelters surveyed by SMM are bearish toward this week’s aluminium prices. Another 41% expect prices to stabilize, while the rest 7% see a rally. Those pessimists see LME aluminium falling below USD 1,440/mt and SHFE 1602 aluminium down below RMB 9,800/mt. They see...
LME announces successful launch of ferrous and premium contracts
The London Metal Exchange (LME) yesterday announced the successful launch of LME Aluminium Premiums, LME Steel Rebar and LME Steel Scrap, the first new contracts to be offered by the Exchange in more than five years. “Today’s announcement highlights the LME’s new approach to market engagement,”...
LME aluminum to fall further to $1,450-1,480 this Week
LME aluminum will fall further to $1,450-1,480 per tonne next week, SMM expects. A firm US dollar amid high expectations for US rate hike this year and concerns over China economic slowdown all bode ill for LME aluminum. Another six Chinese aluminum smelters announced production cuts this past...
Vedanta may scale back expansion on soft aluminium prices
Lukewarm aluminium prices at the London Metal Exchange (LME) has prompted diversified metals major Vedanta to hold back a plan to scale up its smelter capacity at Jharsuguda in Odisha from 0.5 million tonnes per annum to 0.8 mtpa. Earlier this month, LME aluminium prices went below $1,500 a tonne...
MCX aluminium falls by 0.3% on global cues
Aluminium prices were down 0.26% to INR 96.70 per kg in futures trade today as investors cut down their bets amid weak global cues and sluggish demand in the domestic spot markets. In futures trading at the Multi Commodity Exchange, aluminium for delivery in current month eased by 25 paise, or...
RUSAL announces results for the three and nine months ending 30 September 2015
UC RUSAL, a leading global aluminium producer, announces its results for the three and nine months ended 30 September 2015. Key highlights • In the third quarter of 2015 London Metal Exchange (“LME”) aluminium price continued its sharp decline and reached an average of USD1,589 per tonne, recorded...
Alba reports 3Q 2015 results; value-added sales remains a priority
Aluminium Bahrain B.S.C. (Alba) announced the release of its third quarter of 2015 results on Wednesday, November 11, 2015. Alba’s total sales for the third quarter of 2015 were BD 184.4 million (US$ 490 million) versus BD 223.2 million (US$ 593 million) for the same period in 2014, a drop of 17%...
Aluminium market rises on short covering, open interest drops 14.65%
Aluminium settled up 1.66% at 100.95 after London Metal Exchange (LME) data showed 99,500 tonnes of the metal was booked to leave warehouses in Vlissingen. LME prices jumped 1 percent to finish at a two-week high of $1,523 a tonne despite fundamentals remain poor due to oversupply. While a strong...
LME aluminium may break resistance at $1,515
LME aluminium may break resistance at $1,515 per tonne and rise towards the next resistance at $1,532, as it has found support at $1,488. These two resistances and support are identified respectively as the 114.6 percent, the 100 percent and the 138.2 percent Fibonacci projection levels of a...
November aluminium price forecast by SMM: Alcoa, LME round-up and impact
Aluminium prices inched higher last week boosted by Alcoa‘s production declines. Physical premiums too improved slightly driven by the recent short-term price movements. However, there is even more to look at for those investing in firms like Alcoa, Rio Tinto Group and Norsk Hydro – notably, the...
LME aluminium may rise into $1,532-$1,548 range
Aluminium on London metal Exchange (LME) may break resistance at $1,515 per tonne and rise towards the resistance range of $1,532-$1,548, as indicated by its wave pattern and a Fibonacci projection analysis. Resistance is provided by the 114.6 percent Fibonacci projection level of a downtrend from...
Aluminum withdrawal orders on LME surge in longest run in a year
Orders to remove aluminum from warehouses tracked by the biggest metals exchange rose for a third day, the longest stretch in more than a year, prompting traders to close out bearish bets on prices that are near a six-year low. Canceled warrants, as the bookings are known, surged 21 percent in the...
Non-ferrous margins fell in 2015, costs escalated: BIR Convention
The Bureau of International Recycling (BIR) Annual Autumn Round-Tables Conference held recently in Prague noted that non-ferrous industry had a very tough year in 2015. The confidence level among industry participants hit lowest level during the year. The industry suffered large due to thin margins...
LME aluminium unlikely to rebound this week; to retest resistance at $1,488
Aluminium on London Metal Exchange (LME) will have little chance of a rally this week, SMM said last week, Friday. The US dollar will stay elevated on US Fed’s hawkish tone, and SHFE aluminium will remain in downward track, boding ill for LME aluminium. Also, LME aluminium has met strong resistance...
