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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For Alcoa and others, new CME aluminum contract must reflect accurate pricing
The London Metal Exchange has faced more than a year of criticism for its aluminum contract. Blamed for everything that’s wrong with the aluminum market, the LME finally got a competitor who will also try to win the hearts and minds of metal buyers in the CME Group, which announced yesterday that...
LME aluminium to retest support at $1,721
LME aluminium is expected to retest a support at $1,721 per tonne, as it has completed a pullback triggered by this level. The support has been established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802. The pullback was towards...
LME aluminium may rebound to $1,737
LME aluminium may rebound to a resistance at $1,737 per tonne, as it failed to break a support at $1,721. The support was established at the 61.8 percent Fibonacci retracement on the rise from the Feb. 3 low of $1,671.25 to the March 6 high of $1,802, it seems to have triggered a rebound towards...
HKEx named as co-defendant in class action lawsuits
Hong Kong Exchanges & Clearing Ltd had been named a co-defendant in the class action lawsuits that involves aluminum price fixing on LME, said the company. HKEx, the fourth largest exchange operator in the world, said it was notified about the inclusion of their names in the list of direct...
LME aluminium to retest support at $1,737
LME aluminium is expected to retest support at $1,737 per tonne, a break below which will cause a further loss to a range of $1,702-$1,721. The deep fall from the March 6 high of $1,802 strongly suggests the completion of a preceding uptrend that rose from the Feb. 3 low of $1,671.25. A Fibonacci...
Price of aluminum fell to 0.37% on weak global trend
Following the weak signals from global markets, the price of aluminum came down 0.37% to a trading rate of INR 107 per kg today as the speculators unloaded their positions. Further, slow demand of aluminum in the domestic spot markets also resulted in the fall of metal prices. At the Multi...
Aluminum prices may again turn lower
Aluminum's 3-month forward prices at the LME recovered sharply yesterday by $50 and settled at $1770. We believe that there has been no major change in the fundamentals overnight, just a mere recovery that took place in the entire complex after concerns over Russian action against Ukraine settled...
LME aluminium to retrace into $1,743-$1,752 range
LME aluminium is expected to retrace into a range of $1,743-$1,752 per tonne, as it failed to break a resistance at $1,771. The resistance has been established at the 76.4 percent Fibonacci retracement on the fall from the Feb. 26 high of $1,788.50 to the March 3 low of $1,715. It has apparently...
LME aluminium to fall to $1,743
LME aluminium is expected to fall to $1,743 per tonne, driven by a downward wave c. This is the third wave of a flat which started at the Feb. 19 high of $1,788. It could be roughly equal to the preceding two waves in length, ending around $1,743, the 38.2 percent Fibonacci retracement on the rise...
Russia's Rusal fights metal exchange reforms citing human rights
United Company Rusal, the world's largest producer of the metal, will seek court permission next week for the review, in hopes of quashing LME moves that may undermine the price at which it sells its products. The Hong Kong-listed company argues that the LME actions will harm its economic interests...
Excess supply will keep pressure on price of aluminium: BHP Billiton
Aluminium producers will have a tough time in near future as there is a huge stock of unused metal in the warehouses keeping the price of aluminium low, the marketing chief of BHP Billiton said. The LME has approved the storage of above 5 million tonnes of aluminium in warehouses. The shutdown of...
Aluminium swings from surplus to deficit
After seven-eight years of acute oversupply, the world aluminium market is now undergoing a structural change from surplus to deficit. An extended period of overcapacity has been a feature of the world aluminium market for some time now. No doubt, producers in the western world have cut back output...
Warehouse firms walk away from reforming London Metal Exchange
A bid by the London Metal Exchange (LME) to ensure clients can obtain aluminium faster from owners of warehouses in its global network risks eroding its function as the world's top metals marketplace. Some warehouse companies are starting to walk away. Industry leaders and analysts say shed owners,...
Glencore Xstrata’s Pacorini delists 14 metal warehouses in Vlissingen
Things are changing… “Glencore Xstrata’s Pacorini (warehousing and logistic subsidiary of Glencore Xstrata) has delisted 14 metals warehouses in the Dutch port of Vlissingen, the London Metal Exchange (LME) said on Tuesday, as storage firms get ready for big changes in the business,” reports...
Aluminium financing deals to keep metal locked up in LME -Rio Tinto
Aluminium financing deals will continue to lock up substantial amounts of metal in the London Metal Exchange system, Rio Tinto Chief Financial Officer Chris Lynch said on Thursday. Most of the roughly 5 million tonnes of aluminium in LME warehouses is locked up in financing deals. This involves an...
LME base metals close higher
Base metals at London Metal Exchange(LME) closed with a higher rate, backed by an upbeat trade data of the top consumer China, while the market focus turned once again to controversial warehousing system of the bourse. On the closure of an open-outcry trading on Wednesday, Aluminium rose to about...
LME aluminium signals mixed
Signals are mixed for LME aluminium as it is not clear if a downtrend has resumed. The trend started from the Jan. 17 high of $1,825.25 and has been disrupted by a rebound from the Feb. 3 low of $1,671.25. A Fibonacci retracement analysis on the rebound reveals the current drop from the Feb. 7 high...
Trafigura's Impala delists 8 metals warehouses in Antwerp
Commodity trader Trafigura's warehousing and logistics subsidiary has delisted eight metals warehouses in Antwerp, Belgium, the London Metal Exchange (LME) said on Monday. The move by Impala Terminals UK Ltd comes as the market prepares for tighter LME rules to reduce wait times to access metal in...
