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...
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LME Aluminium may witness losses trading at $1837 up by 0.14%
We had a bearish view on Aluminum last day with the anticipation that the commodity may take price correction in the form of profit booking on the long positions. Also, a rebound in the inventory supported the metal to retreat from the highs. 3 month forward LME Aluminum ended the day at $1826.75...
LME aluminium to drop to $1,814
LME aluminium is expected drop to $1,814 per tonne, as it has cleared support at $1,848. This support is provided by the 23.6 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. The next support will be at $1,814, the 38.2 percent level, a...
Aluminum falls to lowest in a period of two weeks with high inventories
Prices of aluminium dropped to the lowest in London for two weeks or more as the inventories expanded. Inventories of the unwrought aluminium rose to 1.215 mn mt in the month of March from an amount of 1.71 mn tons that were revised a month earlier. This was said in a recent report published in...
LME aluminium to hover above $1,848
LME aluminium is expected to hover above $1,848 per tonne for one day, as it failed to break below this support. The support is provided by the 23.6 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the April 11 high of $1,902.50. The uptrend from the Feb. 3 low of...
Rusal seeks debt deal to escape possible default
Rusal, the world's largest aluminium producer, could default on some of its multi-billion dollar debt if it fails to reach a new deal with creditors by Monday, it said after reporting its biggest annual loss since 2008. The company's earnings have been hammered by low aluminium prices, which in...
RHB Research maintains Buy on Press Metal, raises fair value to RM5.47
RHB Research has maintained its Buy rating Press Metal Bhd with a higher fair value (FV) of RM5.47 (from RM4.11) and said the LME aluminium price has moved into a healthy consolidation after its recent surge, while its premium remains firmly at a record-high level - reinforcing that the aluminium...
LME confirms about quarter of its electronic trade coming from Asia
LME said a quarter of electronic trading volume on the exchange comes from participants based in Asia. This is the reason the exchange has become the biggest marketplace in the world for industrial metals such as aluminium. The exchange has disclosed the exact size of trade business they get from...
LME Aluminum to avg $1,850 a ton in Q2: Barclays
British banking giant Barclays believed that the LME aluminum prices are expected to average $1,850 a ton in second quarter of this year. First quarter LME aluminum prices were slightly below expected, averaging $1,708 a ton versus Barclays forecast of $1,750 a ton. Barclays maintain their...
LME aluminium to break support at $1,848
LME aluminium is expected to break a support at $1,848 per tonne and fall more to $1,814, as a drop from the April 11 high of $1,902.50 has not completed. The drop followed a completion of a corrective wave cycle that developed from the Feb. 3 low of $1,671.25. Based on a Fibonacci retracement...
LME aluminium to retest support at $1,848
LME aluminium is expected to retest a support at $1,848 per tonne, as a drop from the April 11 high of $1,902.50 has not completed. The drop followed the completion of an uptrend that developed from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the trend reveals the support at...
As price of aluminium continue to rise, LME adds new hedging feature
With the announcement of its new feature, LME has given the traders more number of options than before. Specifically, LME will give the aluminium traders ability to hedge the price of the metal due to the continuous rise in the price of metal as a result of lengthy delivery times. This new contract...
UK Al scrap edging higher on tightness, LME price hike
UK aluminium scrap prices rose among the pure grades on Wednesday April 16, as scrap markets started to tighten and the recent increase in London Metal Exchange aluminium prices found support. "The LME has gone up and is holding, so we'll see what happens to prices now," a secondary aluminium ingot...
LME aluminum prices are seen trading at $1843, down by $8
We had a bullish outlook on Aluminum yesterday but, it declined sharply during the early US session when the dollar index surged. The commodity finally ended on a lower note at Rs 110.20, down by 1.50% while it settled lower at $1852 at the LME. We also believe it was a broad based sell off that...
With LME warehouse revamp plan derailed, aluminium gains
A UK court ruling halting the London Metal Exchange’s plans to reduce the logjams in warehouses is pushing up aluminium prices globally. The metal, used for making cans to aircraft parts, gained 3.70 per cent last week with prices rising nearly nine per cent in a month. Last week’s gains were the...
RHB Research maintains Buy on Press Metal
RHB Research has maintained its Buy call on Press Metal with a fair value of RM4.11, it said on Monday. RHB Researh said while both the group’s smelters are now in full production mode, it expects the group earnings to surge 87.7%/29% in FY14/FY15. It said aluminium prices jumped 10.5% in the last...
LME aluminium to test support at $1,856
LME aluminium is expected to test a support at $1,856 per tonne, a break below which will lead to a further loss to $1,827. The support has been formed around the 23.6 percent Fibonacci retracement on the rise from the March 21 low of $1,705.50 to the April 11 high of $1,902.50. It will temporarily...
Aluminium a top gainer on LME, rises by 1.93%
Base metals were supported by minutes of the Federal Reserve's March meeting, which suggested U.S. policy makers would be more cautious about raising interest rates than some analysts had expected. The Fed minutes also dented the dollar, which fell to a three-week low against a basket of...
LME aluminium to peak in $1,866-$1,885 range
LME aluminium is expected to peak in a range of $1,866-$1,885 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis. The metal is riding on the final wave of a five-wave cycle rising from the March 19 low of $1,704.25. These five waves have made up a bigger wave c, which...
