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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Aluminium futures weaken on global cues
Aluminium prices were down 0.78 per cent to INR 95.30 per kg in futures trade today as investors reduced exposures amid weak global cues and sluggish demand in the domestic spot markets. At the Multi Commodity Exchange, aluminium for delivery in November eased by 75 paise, or 0.78 per cent, to INR...
LME aluminium to find fresh support at $1,462
Aluminium prices on London Metal Exchange (LME) may break support at $1,475 per tonne and slide to the next support at $1,462, to complete a downward wave (c). This is the third wave completed by LME aluminium of a three-wave cycle from the September 9 high of $1,655.50; it may eventually stand at...
Aluminium prices hit by mounting China demand concerns
Aluminium prices tumbled to six-year lows on Wednesday, October 28, as traders fretted about the likelihood of large surpluses this year and next and the lack of substantial output cuts to balance the market. Benchmark aluminium on the London Metal Exchange (LME) slumped to $US1460 a tonne in early...
Aluminum hits a fresh six-year low
Aluminium hits a fresh six-year low as spot aluminium closed at $1,442 per metric ton in the London Metals Exchange (LME) on October 26. Prior to this, spot aluminium made a closing low of $1,496 per metric ton on August 24. Of all base metals, aluminium looks the weakest as of now in the commodity...
LME aluminium to hover above support at $1,488
LME aluminium may continue to hover above support at $1,488 per tonne, or bounce to resistance at $1,515. Support is provided by the 138.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle from the Sept. 9 high of $1,655.50. It has triggered a strong...
LME aluminium may hover around $1,532
LME aluminium may hover around a support at $1,532 per tonne, or rebound to a resistance at $1,548, as indicated by its wave pattern and a Fibonacci projection analysis. The support and the resistance are identified respectively as the 100 percent and the 86.4 percent Fibonacci projection levels of...
Aluminium futures fall on global cues
Aluminium prices fell 0.35 per cent to INR 99.60 per kg in futures trading today, tracking weak cues from global markets. Subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in November shed 35 paise, or 0.35 per...
LME aluminium vulnerable to losses this week
LME aluminium will be vulnerable to losses this week on negative news from China, SMM says. Bearish sentiment is strong in China. The US dollar index found strong support near 94. LME aluminium has lost support at all moving averages. All these factors will push LME aluminium down below $1,550 per...
Union accepts proposed labor deal at Alcoa Intalco aluminum smelter
Workers at Alcoa's Intalco Works aluminum smelter voted to accept the company's final contract offer, staving off a second labor dispute at a U.S. smelter this year as prices tumble below production costs. "The Contract was accepted," The international Association of Machinists & Aerospace Workers...
LME aluminium neutral in $1,577-$1,599 range
LME aluminium looks neutral in a range of $1,577-$1,599 per tonne, and an escape will point a direction. The range is formed by the 23.6 percent and the 38.2 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the August 24 low of $1,506. A break above...
SMM aluminum opens at $1,593.5/mt only to end down $16/mt on Oct 15
LME aluminum hovered around USD 1,595/mt after opening at USD 1,593.5/mt on Thursday, October 15. But LME aluminum fell to USD 1,564/mt later as the US dollar index rose while gold and crude oil prices dropped. Finally, the light metal ended down USD 16/mt or 1% at USD 1,579/mt. Trading volumes...
Sharp fall in revenues awaits Indian aluminium companies in Sept quarter
The partial write-back of the provision made for the District Mineral Fund and increase in volumes are expected to save the day for Indian non-ferrous metal companies in the second quarter of this fiscal. However, both ferrous and non-ferrous companies are expected to report a sharp fall in revenue...
SMM aluminum market morning review
Aluminum on London Metal Exchange (LME) hovered around the 5-day moving average after opening at USD 1,593/mt on October 14, Wednesday, hitting a session low of USD 1,581.5/mt. But LME aluminum rallied later as gold prices jumped and the US dollar index fell back. Finally, the light metal ended up...
LME aluminium still targets $1,562
LME aluminium still targets $1,562 per tonne, as indicated by a Fibonacci retracement analysis and a wedge. The analysis is on the downtrend from the July 2 high of $1,744.50 to the August 24 low of $1,506. It reveals aluminium has broken a support at $1,597, the 38.2 percent level, and is heading...
LME aluminium may fall to $1,562
LME aluminium may fall to $1,562 per tonne, as it has broken a support at $1,597. The support was provided by the 38.2 percent Fibonacci retracement on the fall from the July 2 high of $1,744.50 to the Aug. 24 low of $1,506. The next support will be at $1,562, the 23.6 percent level, a break below...
LME aluminium may fall to $1,553
LME aluminium may break a support at $1,566 per tonne and fall towards the next support at $1,553. These supports are identified respectively as the 38.2 percent and the 14.6 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the August 24 low of...
LME signs up 9 warehouse firms for new aluminium premium contracts
The London Metal Exchange has signed up nine warehouse for its new aluminium premium contracts due to be launched in November, a crucial step towards ensuring their acceptance and use. Warehouse companies that will get involved in the premium contracts include Henry Bath, majority-owned by China's...
LME aluminium neutral in $1,545-$1,573 range
LME aluminium looks neutral in a range of $1,545-$1,573 per tonne, and an escape will point a direction. The range is formed by the October 2 low and the 50 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the August 24 low of $1,506. A break below...
