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 hits six-year low after China devalues yuan
Aluminium on London Metal Exchange (LME) hit six-year lows after China devalued its currency, fuelling worries about oversupply and boosting cost of the commodity for the world's top metals consumer. "The devaluation will make commodities more expensive for China to import, so I would imagine that...
LME Aluminium hits six years low on supply concern
Global glut caused benchmark aluminium to crash on London Metal Exchange hitting a six years low at $1,576 a tonne. The metal widely used across packaging and transport sectors recouped some losses closing at $1,592.50, down 0.2 per cent. Primary aluminium exports from China surged 66 per cent in...
Aluminium hits six-year low on firmer dollar
Aluminium hit a six-year low on Wednesday while other base metals also slipped as the dollar strengthened on speculation that the United States was closer to raising interest rates, a view bolstered by strong economic data. But losses were held in check after data showed activity in the services...
LME aluminium to hover above $1,603
LME aluminium has found a support at $1,603 per tonne, and may hover above this level or rebound to $1,653. The support is provided by the 100 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 2, 2014 high of $2,119. This...
Alcoa raises criticism of CFTC over LME warehouse reform
Alcoa ramps up its criticism of the Commodity Futures Trading Commission (CFTC)'s intervention in the London Metal Exchange's warehousing reform plan, challenging the commodity regulator's handling of the issue for a second time in as many months. In a letter late last month, Alcoa general counsel...
Fresh selling seen in aluminium, open interest up 3.75%
Aluminium settled down -0.34% at 102.55 traded under pressure from a globally oversupplied market due to Chinese exports. Three-month Lme aluminium earlier touched a six-year low at $1,601.50 a tonne, a drop of more than 20 percent since early May. The metal used in transport and packaging ended at...
LME aluminium to fall further to $1,600/mt, SMM reviews
LME aluminum drifted lower after opening at USD 1,641/mt last Friday. It rallied to USD 1,643/mt at one point as weak US economic data softened the US dollar. However, it fell back later as the US dollar regained strength, and ended at USD 1,620/mt. Trading volumes were up 4,689 lots to 13,124...
Vedanta Aluminium focuses on restructuring; ramp up plans stalled for now
Anil Agarwal led Vedanta Resources said it is planning to restructure high-cost operations in aluminium segment and has suspended ramp-up at its plant due to volatile commodity market. The mining conglomerate has been facing a challenging environment as global commodity prices are undergoing a...
LME aluminum to fall to $ 1,630-1,660 next week
LME aluminum will fall to $ 1,630-1,660 per tonne next week, Shanghai Metals Market foresees. Expectations for US interest rate hike will keep the US dollar index elevated, thus pressuring LME aluminum. Selling pressure at highs and tumbling Chinese stock market will send SHFE 1510 aluminum...
Aluminium up 60 paise on global trend
Aluminium futures traded a shade higher at INR 104.50 per kg, largely in tandem with a firming trend in base metals at the London Metal Exchange (LME). Besides, increased demand at domestic spot markets also influenced prices. At Multi Commodity Exchange, aluminium for delivery this month rose 60...
LME aluminum to fall further to $ 1,620-1,660, forecasts SMM
LME aluminium is headed for further decline. It will fall to $ 1,620-1,660 per tonne next week, foresees Shanghai Metals Market. Given the negative technical indicators and strong bearishness in commodity market there is no possibility that the metal will rebound in the short term. But the downside...
Aluminium down 0.3% on weak global cues, low spot demand
Tracking a weak trend in the base metals pack at the London Metal Exchange (LME) and low demand at spot market, aluminium prices eased by 0.33 per cent to INR 105.55 per kg in futures trade today as speculators reduced positions. In futures trading at the Multi Commodity Exchange, aluminium for...
LME reaches settlement on U.S. aluminium class-action cases
Hong Kong Exchanges & Clearing Ltd (HKEx) No money was paid by either side in arriving at the settlement, the HKEx-owned LME said in a statement. Under the settlement announced by HKEx on Sunday, the plaintiffs agreed to drop the LME from appeals against a U.S. court’s decision last August...
LME Aluminum to rise next week, foresees SMM
Speculations about production cuts in Chinese smelters and high selling pressure are all set to drive LME aluminum prices to $ 1, 700 – 1,740 per tonne next week, says Shanghai Metals Market. Prime trading indicators- KDJ and MACD are both pointing upwards. A Strong US dollar, however, is likely to...
HKEx says settlement reached on US aluminium price-fixing claims
Hong Kong Exchanges & Clearing Ltd said on Sunday it had settled two class-action lawsuit complaints against itself and subsidiary the London Metal Exchange (LME) over allegations of anti-competitive and monopolistic behaviour. The lawsuits, brought by small aluminium manufacturers in the United...
Warehouse crackdown cuts aluminum costs
Manufacturers of goods from cars to soda cans are benefiting from declining aluminum costs, a sign that new warehouse rules aimed at loosening the grip of Wall Street banks are having the desired effect. For the past four years, customers have had to wait months and sometimes years to remove...
LME aluminum to rebound to $ 1,710-1,750 next week
LME aluminum will rebound to $ 1,710-1,750 per tonne next week, Shanghai Metals Market foresees. KDJ and MACD indicators have sent positive signals. Greek debt crisis has eased. A poll before the referendum showed that there is a good chance for Greece to stay in the euro zone. These will offer...
Falls in LME Aluminum, Copper put pressure on Middle East scrap prices
Falls in LME aluminum and copper put pressure on Middle East scrap prices during the holy month of Ramadan which began on June 18 and generally brings a slower period for business. According to Bureau of International Recycling, activity levels are also lower in South Africa where raw material...
