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 Plans to introduce new aluminum contract by 2014 end: CEO
Garry Jones, the Chief Executive Officer of London Metal Exchange, said the company plans to introduce a new aluminum premium contract possibly by the end of 2014. The size of the contract will be 25 mt tons and will also have a swap of warrants or the bearer documents for a particular type of the...
LME may not launch aluminium premium contract until 2015
The London Metal Exchange may not launch its new aluminium premium contract until early next year, the exchange's top executive said on Monday, months after a competing product from U.S. rival CME Group Inc is expected to go live. The distant date for the new LME contract will stir the debate over...
LME aluminium to hover above $1,816
LME aluminium has found a support at $1,816 per tonne and may hover above this level for a trading session or revisit its April 4 high of $1,849. The support is provided by the 61.8 percent Fibonacci retracement on the fall from the Oct. 29, 2013 high of $1,905.75 to the Feb. 3 low of $1,671.25. An...
Aluminum heads for the biggest weekly gain since 2012
Aluminum has headed for its biggest weekly advance since 2012 November in London as there were orders to withdraw aluminum from the warehouses and producers have also cut down their output. According to LME data, canceled warrants (as they call the orders) jumped to its highest level this week...
Aluminium jumps after halt to LME plan
Aluminium has jumped 6 per cent in the week since the London Metal Exchange was forced to halt a plan to cut queues at its global warehouse network. Prices for three-month delivery at the LME rose to $1,838 a tonne on Thursday, a five-month high. The increase will bring some relief to aluminium...
Indian Aluminium weakens on global cues
Aluminium prices fell by 0.23 per cent to INR 109.55 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 May...
Despite UC Rusal’s fight with LME, aluminum price index holds steady
The month of March saw a decision in the closely-followed lawsuit filed by the world’s largest aluminum manufacturer, UC Rusal, against the London Metal Exchange over long queues to remove product from LME warehouses. It was also the month that CME Group, owner of the Chicago Mercantile Exchange,...
Aluminum rises to the highest this year over supply worries
Alumunium price has witnessed the highest point in 2014 because of the concern about limited global supplies. In Brazil, the aluminum companies that have been producing the least in the last 12 years expect the authorities to provide them electric subsidy as the drought has cut down the...
LME Aluminum is seen trading at $1755
Aluminum: Monday’s review report is an excerpt from our weekly metals report. As of Friday close aluminum’s 3 month rolling forward contract ended the week at $1758, up by more than $20+ from its previous week’s close. At the MCX platform, the April futures contract ended the week at 104 from its...
Aluminium prices to remain low in near-term: ICRA
Prices of aluminium and other non-ferrous metals will remain low in near-term due to the muted demand on the back of uncertain macro-economic environment prevailing globally, ICRA said. "While prospects for the western economies have improved, concerns regarding slower growth of Chinese economy,...
LME halts plan to cut metals queues after court ruling
The London Metal Exchange has been forced put on hold a new rule to tackle the long warehouse queues that US politicians and aluminium buyers blame for increasing the price of everything from drink cans to car bodies. Queues of more than 500 days to take delivery of aluminium from LME warehouses...
Novelis reacts to verdict in Rusal Lawsuit against LME
Novelis Inc. President and Chief Executive Officer Phil Martens issued the following statement today in response to Thursday's ruling by the UK High Court regarding planned changes to aluminum warehousing rules by the London Metal Exchange (LME): "We are very disappointed with the outcome of the...
UC RUSAL announces full year results for 2013
UC RUSAL, a leading, global aluminium producer, announces its results for the year ended 31 December 2013. Key highlights • Low LME aluminium price driven by the negative investor sentiment exerted further pressure on the aluminium industry throughout the year ended 31 December 2013. Average LME...
High court of justice enters judgment on UC Rusal’s claim against the London Metal Exchange
UC RUSAL, a leading, global aluminium producer, announces that following a claimant case brought by RUSAL against the London Metal Exchange at the High Court of Justice, the presiding judge, Mr Justice Phillips found in favor of RUSAL. The award was issued in favor of RUSAL by Mr Justice Philips,...
Aluminum up on LME; Chinese production cuts hit market
It was reported early this month that aluminum smelters in China are cutting production which could significantly improve the outlook for producers of the metal worldwide. China’s aluminum smelters are likely to shut about 2 million tons of operating capacity in the coming months as they try to...
LME aluminum prices are seen trading at $1748, selling recommended
On Tuesday, aluminum’s 3 month forward prices ended the day on a positive note, higher by 1.24% at $1752 while March futures prices at the MCX settled at Rs 103.35, up by mere Rs 0.40 due to the rupee’s appreciation. We could see the metal advancing higher supported by lower inventory numbers...
CME finds perfect setting in CRU to launch its North American aluminium contract
CME has found the perfect setting in CRU aluminium conference to launch its North American aluminium contract which intends to solve the hedging issues created by rising physical aluminium premiums. It was the main focus of discussion in the CRU conference. According to Barclays, who attended the...
Aluminum gains on LME as CME sheds light on upcoming futures contract
The Chicago Mercantile Exchange’s new aluminum futures contract, which will begin trading May 5th, will be available for trading on the floor and electronically via CME Globex, as well as submission for clearing through CME ClearPort, and will be listed by and subject to the rules of COMEX. CME...
