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 fell 0.61 per cent to INR 122.95 per kg in futures trading today, taking weak cues from global markets. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in current months shed 75 paise, or...
LME aluminium to retest support at $2,041
LME aluminium is expected to retest support at $2,041 per tonne, with a good chance of breaking below this level and falling more to $1,986. The support is provided by 123.6 percent Fibonacci projection level of an upward wave C, which started from the May 21 low of $1,754.75. This wave has...
LME postpones aluminium premium contract to Q2 2015 and hold off further reforms
London Metal Exchange (LME) has announced on Thursday that they will be releasing their aluminium premium contract later than initially planned in the second quarter, according to Reuter’s report. They also said that they will refrain from any other reforms until they receive the court ruling. The...
CFTC keeps a close eye on LME warehousing policies
Commodity Futures Trading Commission is still keeping a close eye on the London Metal Exchange after countless complaints against this 137 year old exchange stating that they are manipulating the price through their warehousing policies. Timothy Massad, who is the newly installed chairman of the...
Aluminium futures down on overseas trend
Aluminium futures prices fell 0.63 per cent to INR 126.35 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 October month contracts lost 80 paise, or 0.63 per cent, to INR 126.35...
LME to launch new clearing house on September 22
According to Reuters’ reports, the London Metal exchange has revealed on Wednesday that they will launch a new clearing house on September 22 after they get clearance from the UK and European regulators. The largest and oldest market for industrial metals like zinc, copper and aluminium had decided...
Aluminium strengthens on industrial demand, global cues
Aluminium prices edged higher by INR 2 per kg at the local non-ferrous metals market today on increased industrial demand amid a firming global trend. Traders said buying activity in aluminium picked up after it surged to 18-month highs in global markets, amidst falling stockpiles on the London...
LME aluminium due for a good correction
LME aluminium is due for a good correction as a five-wave cycle from the May 21 low of $1,754.75 may peak around a resistance at $2,129. The resistance is at the 161.8 percent Fibonacci projection level of an upward wave C that developed from $1,754.75. Aluminium has approached this level but...
Aluminum price has record win streak as supply bites
Aluminum is one of the best performing commodities this year, with the price jumping 16% during 2014 as stockpiles fall and demand increases. In August the metal gained for a seventh straight month, which is its longest ever streak of advances. Aluminum added 0.7% to US$2,096.50 a ton on the London...
Judge tosses aluminium antitrust suit; consumers failed to prove conspiracy
A New York judge on Friday dismissed a class action lawsuit that accused major banks and a trading house of fixing the price of aluminium by ruling that market inefficiencies were the result of rational profit maximization and not illegal collusion. Aluminium consumers alleged that Goldman Sachs,...
Ukraine tensions affects aluminium and copper
As tensions rise in Ukraine, both aluminium and copper are feeling the affect on price. Though LME copper prices fell 1.3 percent to close at $6,934, aluminium prices were held back by tightness in near-term supplies. The aluminium for three month delivery has dropped to $2,080, down by 0.3% as...
LME aluminium to rise to $2,129
LME aluminium is expected to rise to $2,129 per tonne, as it has cleared a resistance at $2,074. The resistance was at the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75. The next resistance will be at $2,129, the 161.8 percent level....
Global cues push aluminium down by 0.32%
The futures for aluminium dropped to INR 125.35 per kg on Wednesday as the speculators reduced their expectations taking a cue from the global markets. The domestic spot markets too have seen a dip in demand which in turn have affected the metal prices. In a business turnover of 1,392, the...
London Metal Exchange given immunity in aluminium lawsuit
A US judge has dismissed the London Metal Exchange (LME) from a lawsuit in America which had accused it, along with a number of banks and commodities companies, of aluminium price-fixing. District judge Katherine Forrest concluded that the LME was an “organ” of the UK government and was therefore...
UC RUSAL announces 2014 first half results
UC RUSAL, a leading global aluminium producer, announces its results for the six months ended 30 June 2014. The highlights of the result are given below: Total aluminium output amounted to 1,783 thousand tonnes in the first half of 2014, representing a decrease of 10.8%, as compared to 1,999...
LME aluminium to rise more to $2,129
LME aluminium may rise more to $2,129 per tonne, as indicated by a Fibonacci projection analysis. The analysis reveals that the metal has briefly pieced above a resistance at $2,074, the 138.2 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75....
The slow Chinese economy triggers a fall in aluminium contract
According to a Bloomberg report, China, the biggest consumer of aluminium, revealed a dismal manufacturing data causing decline in industrial metals after an 18-month high. There was a drop of 6% in the contract due for delivery in three months on the London Metal Exchange to $2,069 per metric ton...
LME aluminium to retest support at $1,986
LME aluminium is expected to retest a support at $1,986 per tonne, a break below which will open the way towards $1,931. The drop from the Aug. 12 high of $2,056 followed the completion of a five-wave cycle that developed from the May 21 low of $1,754.75. This cycle will be reversed more, as...
