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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Supply-demand dynamics brighten aluminium
The aluminium market is perking up, with the average price per tonne on the London Metal Exchange rising to over $2,000 now from $1,693 in February 2014. While the primary reason for this is high physical delivery premium, the supply-demand dynamics are also brightening. This is due to a long...
China Aluminium at record production in July
China reported record production of aluminium in July. Primary aluminium production went up 1.2 percent in comparison to June. This has hit a second consecutive record as smelters restarted idled capacity after the demand started improving and LME started going up. Aluminium production in China...
Aluminium down 0.4% on global cues
Aluminium prices fell by 0.36% to INR 124.50 per kg in futures trading today 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 August shed 45...
Noranda Aluminum Holding Corporation reported results for second quarter 2014.
Noranda Aluminum Holding Corporation today reported results for second quarter 2014. "Our second quarter 2014 results represent a sequential improvement in our operations," said Layle K. (Kip) Smith, Noranda's President and Chief Executive Officer. "We improved the operating reliability of our...
Glencore seeks dismissal of U.S. aluminum price-fixing claims
Glencore Plc, one of the world's largest mining companies, has asked a U.S. judge to dismiss it as a defendant from nationwide antitrust litigation over the alleged manipulation of aluminum prices. In a Monday night filing with the U.S. District Court in Manhattan, Glencore said it lacks minimal...
LME aluminium to approach resistance at $2,043
LME aluminium may approach a resistance at $2,043 per tonne, as it remains within a rising channel. The lower channel line of which has established a support, holding the fall from the July 22 high of $2,054.75. Wave pattern suggests the fall could be labelled as a wave 4, which will be totally...
Press Metal set to gain as LME aluminium prices peak
Press Metal Bhd’s (Press Metal) growth is set to gain stronger traction as London Metal Exchange (LME) aluminium prices consolidate and premiums hit record high. The aluminium company has also been viewed as ‘all geared’ to enjoy the fruit of years of aggressive investments in its world-class low...
LME aluminium to range from $1,989 to $2,043
LME aluminium is expected to consolidate in the range of $1,989-$2,043 for a few trading sessions before either resuming or reversing its uptrend. The range has been formed by the 100 percent and the 123.6 percent Fibonacci projection levels of an upward wave C that developed from the June 12 low...
Warehousing battle between LME & Rusal set to rumble on
The legal battle between the London Metal Exchange and Rusal over warehousing reforms could rumble on for several more months after a British appeals court declined to make a ruling on Wednesday. The two parties returned to court this week for the first time since March, when the Russian aluminium...
Aluminium up 0.25% on firm overseas trend
Taking positive cues from overseas markets, aluminium futures prices rose 0.25 per cent to INR 119.65 per kg today as speculators enlarged positions. At the Multi Commodity Exchange, aluminium for delivery in August gained 30 paise, or 0.25 per cent, to INR 119.65 per kg, with a business turnover...
LME, Rusal spar at appeal hearing over warehouse reform
The London Metal Exchange (LME) and Russian aluminium giant Rusal sparred in court on Tuesday as the LME sought to overturn a court ruling and allow it to implement tough warehousing rules to cut backlogs. The dispute is over whether the LME, the world's oldest and biggest market for industrial...
Beer can cost rests on U.K. Aluminum warehouse verdict
It’s been a year since the U.S. Senate held a hearing on logjams at metal storage facilities and rising fees. Since then, costs have gone up and waiting times for delivery at some sites are even longer. The London Metal Exchange, which oversees more than 700 warehouses, has been blocked from easing...
LME aluminium to revisit high of $2,054.75
LME aluminium is expected to revisit its July 22 high of $2,054.75 per tonne, as it could have completed a correction from this level. The correction has been triggered by resistance at $2,062, the 138.2 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of...
The indicators behind aluminum’s bull Rush don’t all point north
The Aluminum cash-to-three-month contango on the LME remained pretty steady in the $40 to $50 range between July of last year and April, but since then there has been a marked surge in volatility that has left consumers puzzled as to what will happen next. First, physical delivery premiums soared...
Aluminum’s Medium-Term outlook depends on the LME warehouse appeal
The market is tighter at the moment than we initially expected which supports prices. However, at the end of July the LME rule change ban will be challenged and, if successful, will likely increase supply to the market noticeably as 2 million tons of inventory in Visslingen, Switzerland, and 1.3...
Aluminium down 0.29% on global cues
Aluminium prices fell by 0.29% to INR 121.95 per kg in futures trade today as speculators trimmed positions amid a weak global trend. At the Multi Commodity Exchange, aluminium for delivery in July shed 35 paise, or 0.29%, to INR 121.95 per kg in a business turnover of 258 lots. Likewise, the metal...
Aluminum contango sinks to lowest in 18 months on dwindling stocks
Aluminum's contango has fallen to 18-month lows amid dwindling exchange stocks, the latest in a recent series of bouts of volatility that have reignited a years-long debate about how tight the market really is. The cash price on the London Metal Exchange was at a discount of $16.75 per tonne to...
LME aluminium neutral in $1,961-$1,999 range
LME aluminium looks neutral in a range of $1,961-$1,999 per tonne and an escape will point a direction. The range has been formed by the 76.4 percent and the 100 percent Fibonacci projection levels of an upward wave c, which developed from the June 12 low of $1,836. A drop below $1,961 may signal a...
