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 to test support at $1,589
LME aluminium is expected to test a support at $1,589 per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis. A five-wave cycle from the Aug. 24 low of $1,506 has completed, causing the current drop, which may extend into a range of $1,558-$1,574, formed by the 61.8...
SMM aluminium market morning review
LME aluminum hovered narrowly around the 40-day moving average after opening at USD 1,616/mt on Monday. The light metal fell below the 5-day moving average to USD 1,595/mt later in the day before ending down USD 12/mt at USD 1,598/mt. Trading volumes were down 2,353 lots to 6,948 lots, and...
SMM aluminum market morning review
US non-farm payrolls missed forecasts, but jobless rate hit over 7-year low. LME aluminum fell back after opening higher at USD 1,630/mt last Friday. The light metal ended down USD 15/mt or 0.92% at USD 1,610/mt. Trading volumes were down 5,374 lots to 9,301 lots, and positions were up 3,003 to...
LME aluminium may rise to $1,686
LME aluminium may rise to $1,686 per tonne, as it has broken resistance at $1,617. Resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the May 6 high of $1,977 to the Aug. 24 low of $1,506. The next resistance will be at $1,686, the 38.2 percent level. The metal had...
CME throws down gauntlet to LME with new aluminum premium contract
The CME Group has taken another step towards challenging the London Metal Exchange's dominance of base metals trading outside China with a new European aluminum premium contract due to launch later this month. The new 25-tonne contract will trade on the global CME Globex platform from Sept 21. The...
Falling premiums hit big aluminium trading houses
More than the aluminium prices that have declined to six-year lows, it is the sharp fall in “premiums” that is hurting the big trading houses like Glencore and Noble Group. Commodities trader and miner Glencore recently cited the “tough metals trading conditions, particularly aluminium and nickel...
CFTC to meet with Alcoa on LME warehouse reform
The chairman of the US commodities regulator and an executive from aluminium producer Alcoa Inc will meet this week to discuss metals warehousing reform, a spokesman for the agency said on Tuesday. The meeting between US Commodity Futures Trading Commission (CFTC) chairman Timothy Massad and Alcoa...
Aluminium falls by 1.4% on global cues
Aluminium prices were down 1.45% to INR 105.60 per kg in futures trading today after speculators trimmed positions amid a weak trend overseas and sluggish demand from consuming industries in the spot market. At the Multi Commodity Exchange (MCX), aluminium for delivery in September shed INR 1.55,...
SMM aluminum market morning review
European and US stock markets rebounded last Friday. This, combined with appreciation of yuan, cheered market up. As such, LME aluminum rose from USD 1,560/mt to USD 1,616/mt. The light metal, though falling back later in the day, still ended up USD 48/mt or 3.08% at USD 1,605/mt. Trading volumes...
LME aluminium to fall towards $1,504
LME aluminium is expected to fall towards a support at $1,504 per tonne, as it may have completed a bounce caused by this level. The support is provided by the 200 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of $1,729.50. This wave has been...
A stronger USD weighs on aluminium, SMM reviews
A stronger US dollar weighed on base metals overnight. LME aluminum fell to as low as USD 1,525/mt on Wednesday and continued meeting resistance at the 5-day moving average. Finally, the light metal ended down USD 24/mt or 1.54% at USD 1,532/mt. Trading volumes were down 3,244 lots to 13,175 lots,...
UC RUSAL announces 2015 interim results
UC RUSAL, a leading global aluminium producer, announced its results for the three and six months ended 30 June 2015. Key highlights • A record low London Metal Exchange (“LME”) aluminium price driven by growing exports from China and oversupply in different regions exerted further pressure on the...
LME aluminium may end bounce around $1,547
Aluminium may end its current bounce at London Metal Exchange (LME) around a resistance at $1,547 per tonne, as suggested by a Fibonacci projection analysis. The resistance is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of...
SMM market review: LME aluminium opens at USD 1,543/mt
LME aluminum opened at USD 1,566.5/mt last Friday. The light metal climbed to USD 1,581/mt, but immediately moved all the way down to a six-year low of USD 1,541/mt. Finally, LME aluminum ended down USD 23/mt at USD 1,545/mt. Trading volumes were up 2,403 lots to 12,354 lots, and positions were...
All four units of Vedanta’s aluminium business slip into operational losses
With an almost 18% fall in aluminium prices in the past six months on the benchmark London Metal Exchange (LME), all four aluminium smelting units of Vedanta Ltd have slipped into operational losses. Abhijit Pati, chief executive officer of Vedanta Aluminium, said there are chances that the firm’s...
LME aluminium may test support at $1,547
LME aluminium may test a support at $1,547 per tonne, as suggested by a Fibonacci projection analysis and a falling channel. The support is provided by the 161.8 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. From Aug. 13, this wave has...
LME confirms fee holiday for new aluminium
The London Metal Exchange (LME) confirmed plans to waive fees for its new aluminium premium and steel contracts from launch on November 23 to December 31, a move the exchange hopes will help boost volumes and liquidity. "During that period the Exchange will not charge any trading or clearing fees...
Muted global trend drives aluminium down 0.6% on MCX
Aluminium prices fell 0.64 per cent to INR 101.65 per kg on Multi Commodity Exchange (MCX) on Thursday after traders reduced their exposure amid weak global cues. Besides, sluggish demand in the domestic spot market weighed. At MCX, aluminium for delivery this month eased 65 paise, or 0.64 per...
