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 fall 0.55% on global cues
Aluminium futures fell 0.55 per cent to INR 126.40 per kg today as speculators reduced positions amid a weak trend in base metals at the London Metal Exchange. At the Multi Commodity Exchange, aluminium for delivery in December lost 70 paise, or 0.55 per cent, to INR 126.40 per kg, with a business...
The debate between aluminium surplus and aluminium deficit: LME seminar
At the London Metal Exchange seminar two distinct and diametrically opposite opinions came forth regarding the global aluminium situation – whether it is in deficit or surplus? Nic Brown of Natixis claimed that the market was in deficit which is expected grow wider in the next two three years....
HKeX signs deal aimed at LME Asia warehouse expansion
Hong Kong Exchanges and Clearing (HKeX) has signed a preliminary deal with China Merchant Group companies aimed at expanding London Metal Exchange warehouses in Asia and developing new products and services for the Asian market. HKeX has been under pressure to boost earnings ever since it bought...
Aluminum erased declines in London as equity markets rallied
According to a recent report, China’s economy has grown by 7.3 percent in the third quarter when compared to last year. This expansion, although beats Bloomberg’s survey of 7.2, is still the slowest growth pace since 2009. The U.S equity futures showed an advance of 0.6 percent while the Stoxx...
LME aluminium to rise to $2,002
LME aluminium is expected to rise to $2,002 per tonne, after a shallow correction to $1,960. Wave pattern suggests the progress of a wave c, which started at the Oct. 16 low of $1,893.50. This wave has five component waves and so far, only three have unfolded. The fourth wave labelled 4 may end...
Aluminium down by 0.9% on global cue
Aluminium prices fell 0.88% to INR 117.70 per kg in futures trade today as speculators offloaded their positions amid weak cues from global markets. Further, sluggish demand in the domestic spot markets weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in October...
Aluminium stocks continue to fall
The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Lead and Zinc. The data also showed a rise in the inventory levels of Copper and Nickel. Aluminium inventory continued its down trend, falling by 8575 tonnes today....
LME overcomes legal battle but needs a stronger strategy
LME has faced a lot of criticism as well as a lawsuit for its dysfunctional physical delivery systems, especially from the largest aluminium producer, Rusal. Although LME has narrowly escaped any consequence, it has to rectify its faulty warehousing system for a smoother functioning aluminium...
LME aluminium to rise towards $1,975
LME aluminium may break a resistance at $1,940 per tonne and rise more towards $1,975, as indicated by its wave pattern and a Fibonacci retracement analysis. The rebound from the Oct. 2 low of $1,885 has not completed, as it will consist of three waves. So far only two have unfolded. The third wave...
Aluminum costs seen rising more even after LME wins case
A courtroom victory allowing the London Metal Exchange to ease backlogs of deliveries of aluminum may do little to reduce the cost of the metal used in everything from beer cans to auto parts. While yesterday’s appeal court ruling in London clears the way for the LME to impose new rules at its...
Court of Appeal upholds London Metal Exchange appeal against High Court ruling
UC RUSAL, a leading global aluminium producer, notes that the Court of Appeal has upheld the London Metal Exchange’s appeal against the High Court judgment of Mr Justice Phillips. Today’s ruling by the Court of Appeal overturns the judgment of Mr Justice Phillips who ruled that the LME’s original...
London Metal Exchange raises fees by a third
The London Metal Exchange is hiking transaction fees charged to members and users by an average of 34% for the first time since Hong Kong Exchanges & Clearing Ltd. acquired it for $2.2 billion in 2012. The new tariff, to be charged in U.S. dollars, seeks to help fund investment in the exchange and...
Aluminium down 0.6% on overseas cues
Aluminium futures fell 0.58% to INR120.70 per kg today as speculators trimmed positions amid a weak trend at the London Metal Exchange. At the Multi Commodity Exchange, aluminium for delivery in November lost 70 paise, or 0.58%, to INR 120.70 per kg, with a business turnover of five lots. The metal...
Press Metal upbeat about aluminium market
Press Metal Group Bhd’s (Press Metal) chief executive officer Datuk Paul Koon gave reassurance that it was business as usual for the group and the outlook of the aluminium market remains upbeat. RHB Research Institute Sdn Bhd (RHB Research) noted that as Press Metal’s share price plunged from an...
Senate democrats urge CFTC review of LME aluminum trading
The U.S. Commodity Futures Trading Commission should probe the London Metal Exchange to ensure aluminum trading and warehousing are free of manipulation, three Democratic senators said in a letter. The regulator must investigate whether LME rules sufficiently protect against conflicts of interest...
Aluminium futures weaken on global cues
Aluminium futures today traded 0.38 per cent lower at INR 118.75 per kg as speculators reduced their positions amid weak global cues. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in October eased by 45...
Aluminium consumers appeal against judgement in LME Anti-trust case
The consumer and commercial classes who had accused LME of allowing anti-competitive and monopolistic behavior in its warehousing operations are not happy with the judge’s dismissal of the case. According to the LME owner, they have again appealed against the judge’s verdict. On September, the two...
Aluminum climbed for the first time in six days
Aluminum climbed for the first time in six days as stockpiles declined to the lowest in 33 months and United Co. Rusal Plc, the biggest producer, forecast that demand will exceed supply next year. The metal in London rose as much as 0.3 percent. Global supply may lag behind demand by as much as 1.3...
