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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SMM aluminum market morning review
LME aluminum shot up to USD 1,592/mt after opening at USD 1,559/mt on October 7. The light metal fell back later in the day, but then rallied to USD 1,577/mt. In overseas market, the euro zone’s final manufacturing PMI was 52.0 in September. ISM’s US manufacturing PMI was 50.2 in September,...
AAI pitches for a safeguard duty in meeting with India's Revenue Secretary
Facing the twin onslaught of galloping imports and meltdown in global prices, the domestic aluminium industry on Wednesday made a strong pitch for a safeguard duty breather in its meeting with revenue secretary even as its demand for doubling import duty to 10% remains unanswered. Sources said...
LME aluminium to retest resistance at $1,573
LME aluminium is expected to retest a resistance at $1,573 per tonne, with a good chance of breaking above this level and rising more towards a range of $1,580-$1,588. The resistance is provided by the 38.2 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle...
LME aluminium down 20% on year
LME Aluminium prices averaged at $ 1588.8 per tonne by the end of September 2015, down 20% from month ending September 2014. International Aluminium Institute (IAI) that measures the production trend in the world has come out with its latest numbers. IAI has mentioned that the trend of Aluminium...
LME aluminium to test resistance at $1,581
LME aluminium is expected to test a resistance at $1,581 per tonne, with a good chance of breaking above this level and rising more towards the next resistance at $1,598. These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from...
SMM aluminum market morning review (2015-9-25)
Aluminum at London Metal Exchange (LME) opened at USD 1,573/mt on Thursday, September 25. The light metal touched day’s high of USD 1,588/mt and day’s low of USD 1,570/mt. Finally, LME aluminum ended up USD 1/mt at USD 1,579/mt, helped by rising gold prices. Trading volumes were down 924 lots, and...
LME aluminium down 0.6% - mining and metal stocks drag FTSE 100 lower
Mining and metal stocks led the London market lower on September 24, Thursday, as the commodities market saw another tumultuous trading session. The FTSE 100 fell below 6,000-level closing 1.17% or 70.75 points lower at 5,961.49, while the FTSE 250 closed down 0.87% or 145.32 points at 16,514.53....
LME to launch an improved metal-tracking system
The London Metal Exchange (LME) is launching an electronic system to better track material stored outside its exchange warehouses in response to a financing fraud in China that roiled banks and trading. The new system, called LME Shield, will launch in December this year, and will allow the...
LME aluminium to test support at $1,612
Aluminium on London Metal Exchange (LME) is expected to test a support at $1,612 per tonne, a break below which could cause a fall to $1,590. The support is provided by the 14.6 percent Fibonacci projection level of an upward wave c, the third wave of a presumed three-wave cycle that developed from...
Aluminium falls by 0.4% on global cues
Aluminium prices were down 0.38% to INR 106.15 per kg in futures trade today as investors offloaded positions amid weak global cues and muted demand at spot markets. At the Multi Commodity Exchange, aluminium for delivery in current month eased by 40 paise, or 0.38%, to INR 106.15 per kg in a...
ALFED members visit London Metal Exchange
Distinguished members of the Aluminium Federation (ALFED), the trade association representing the UK aluminium industry recently paid a visit to the London Metal Exchange (LME). The visit was hosted by Oscar Wehtje, LME's Head of Product Development, and guests were able to see the trading ring -...
China's rising output, price rout deepen aluminum industry gloom
Sinking aluminum prices and a ballooning surplus of the metal have deepened the industry's worst crisis in years, intensifying pressure on high-cost smelters to embark on another round of production cuts to revive prices from their malaise. The 25 percent drop since last September has pushed...
Aluminium may trade 106.1-108.9 range, gains at 107.75
Aluminium settled up 0.28% at 107.75 rebounded as LME Aluminium gained to settled at USD 1,636/mt later as the US dollar index fell after the US Fed announced no rate hike in September. Adopting a relatively dovish stance, Fed chair Janet Yellen said the U.S. central bank will begin monetary policy...
Alba conducts ‘Market Downturn’ workshop for management
Aluminium Bahrain B.S.C (Alba), one of the world’s leading aluminium smelters, held a special workshop - ‘Market Downturn’ for its Executives, Directors and Managers on Wednesday, September 16, 2015 at the Oasis Hall. The ‘Market Downturn’ workshop, led by Alba’s Chief Executive Officer, Tim...
Aluminium futures weaken on global cues
Aluminium futures today traded 0.42 per cent lower at INR 106.75 per kg as speculators reduced their positions amid weak global cues. Furthermore, subdued demand in the domestic spot market also weighed. At Multi Commodity Exchange, aluminium for delivery in September eased 45 paise, or 0.42 per...
SMM aluminum market morning review (2015-9-16)
LME aluminum fell to USD 1,590/mt on Tuesday, but then bounced back to above USD 1,600/mt on exit of shorts. Finally, LME aluminum ended at USD 1,617.5/mt. Trading volumes were up 6,470 lots to 16,553 lots, and positions were down 4,375 to 828,000. It’s worth noting that LME aluminum inventories...
LME aluminium faces resistance at $1,644
LME aluminium faces a resistance at $1,644 per tonne, a break above which will lead to a gain to the next resistance at $1,660. These two resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave...
Aluminium futures weaken on global cues
LME aluminium may seek a support in a zone of $1,611-$1,618 per tonne, before rising again. The zone has been formed by the 150 percent and the 161.8 percent Fibonacci projection levels of an uptrend from the Aug. 26 low of $1,525.50, based on the rise from the Aug. 24 low of $1,506 to the Aug. 25...
