LME aluminium price eases 0.3% on September 10; stocks remain stable at 244,525/t
The London Metal Exchange (LME) aluminium price graph contracted on September 10 across cash and contracts, with longer-dated contracts reporting nearly 1 per cent decline. The aluminium opening stocks, however, remained stable. The LME aluminium cash bid price shifted from USD 3,351.5 per tonne on...
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...
Grow with
AL Circle
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...
LME aluminium to approach $1,999 again
LME aluminium is expected to approach a resistance at $1,999 per tonne again, to complete a wave c. This is the third wave of a three-wave cycle that developed from the June 12 low of $1,836, it may travel the same distance as the preceding wave a, to arrive at $1,999, a 100 percent projection...
LME aluminium to gain more to $1,999
LME aluminium is expected to rise to $1,999 per tonne, as it has broken above a resistance at $1,961. The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. The next resistance will be at 1,999, the 100 percent...
Aluminum advances to 13-month high as inventories drop
Aluminum prices rose to a 13-month high as inventories tracked by the London Metal Exchange extended a slump to the lowest since 2012. Stockpiles have dropped 8.6 percent this year to 4.99 million metric tons. Orders to withdraw aluminum account for 59 percent of inventories, compared with 43...
LME aluminium to retrace to $1,898
LME aluminium is expected to drop to a support at $1,898 per tonne, as it failed to break a resistance at $1,961 again. The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. The July 14 high of $1,954.50 is lower...
LME aluminium targets $1,961
LME aluminium may rise more to $1,961 per tonne, as it has pierced above a resistance at $1,937. The resistance is provided by the 61.8 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. This wave has been interrupted by a higher resistance at...
LME aluminium targets a bullish rate of $1,986 per tonne
A bullish target at $1,986 per tonne has been established for LME aluminium, as it has broken above a resistance at $1,931. The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75. There might not be any other...
Aluminium outperforms other metals except nickel
Much to the relief of aluminium producers, the white metal has outperformed other non-ferrous metals in price gains, except nickel, which managed to advance 40 per cent after Indonesia put a ban on minerals exports in January. The three-month aluminium price, which in some intraday trades at London...
LME aluminium to retrace to $1,898
A bearish target at $1,898 per tonne remains unchanged for LME aluminium as the correction from the July 3 high of $1,938.50 has not completed. The correction was triggered by resistance at $1,931, the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of...
Aluminium futures down on overseas trend
Aluminium futures prices fell 0.26 per cent to INR 115.35 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 August lost 30 paise, or 0.26 per cent, to INR 115.35 per kg, with a...
LME aluminium to retrace to $1,898
LME aluminium is expected to retrace to $1,898, as it has failed to break a resistance at $1,931 per tonne. The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave C that developed from the May 21 low of $1,754.75. It has joined hands with another similar...
Alcoa tells US SEC that warehousing reforms could hit premiums
Aluminium producer Alcoa will in future warn investors about the risks proposed warehousing rules could pose to its business, saying they could affect its finances and the premiums it charges, according to correspondence with regulators. In a reply to queries from the US Securities and Exchange...
LME aluminium may drop to $1,865
LME aluminium may drop to $1,865 per tonne, as indicated by its wave pattern, a triangle and a Fibonacci retracement analysis. The metal's failure to go above the June 9 high of $1,918 indicates the rally from the June 12 low of $1,836 could be the second leg of a three-wave cycle that developed...
LME aluminium to rebound to $1,879
LME aluminium is expected to rebound to $1,879 per tonne, as it has found a support at $1,836. The support is provided by the 50 percent Fibonacci retracement on the rise from the May 21 low of $1,754.75 to the June 9 high of $1,918, it could have triggered a rebound towards the 23.6 percent...
LME welcomes first Middle Eastern Aluminium Committee member
The London Metal Exchange (LME) has appointed Walid Al Attar as a member of its Aluminium Committee. Al Attar, responsible for marketing and sales at Emirates Global Aluminium (EGA), is the first representative from the Middle East to sit on the committee. “We welcome Mr Al Attar to the committee,”...
Aluminium low by 0.3% amid a weak trend
Prices of aluminium futures fell by 0.31% to INR 113.10 per kg on 10th June as speculators trimmed their positions amidst a weak trend in aluminium at LME. At the Multi Commodity Exchange, in July, aluminium for delivery fell by 0.31% or 35p to INR 113.10 per kg and that resulted in a total...
London Metal Exchange to appeal against warehouse ruling
The London Metal Exchange (LME) has decided to appeal against a court ruling that halted a reform aimed at cutting backlogs at its global warehouse network. A successful appeal could allow the exchange to carry through planned rules aimed at slashing waiting times of up to two years for industrial...
LME aluminium to test support at $1,823
LME aluminium is expected to test support at $1,823 per tonne, a break below which will lead to a further loss to $1,810. The deep fall from the May 30 high of $1,860 has confirmed a reversal of the uptrend from the May 21 low of $1,754.75. A wave pattern suggests the trend has been driven by wave...
