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 start rebound around support at $1,732
LME aluminium is approaching support at $1,732 per tonne and may start a rebound from around this level. Support is provided by the 100 percent Fibonacci projection level of a downward wave C and is blocking the way towards the 123.6 percent projection level at $1,691. There has not been any decent...
Former Metro International Trade Services owner set for return to LME network
Bill Whelan, the Michigan-based mastermind behind the creation and sale of one of the world's biggest metals warehousing firms, is making a comeback, seeking to rejoin the London Metal Exchange network as new rules roil the storage business. Three years after leading the sale of Detroit-based Metro...
LME aluminium to test support at $1,732
LME aluminium is expedited to test a support at $1,732 per tonne, a break below which will lead to a further loss to $1,619. The support is provided by the 100 percent Fibonacci projection level of a downward wave C, blocking the way towards the 123.6 percent projection level at $1,691, the 123.6...
Aluminium down 0.1% on global cues
Taking weak cues from global markets, aluminium prices fell to INR 108.05 per kg in futures trading today as speculators offloaded their positions. Further, sluggish demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for December...
Aluminum declines to four - year low as global stockpiles climb
Aluminum fell to the lowest since 2009 in London as stockpiles expanded to the highest in almost four months, underscoring concern that demand will trail output of the metal used in everything from beverage cans to airplanes. Inventories tracked by the London Metal Exchange rose to 5.47 million...
Aluminium slides to lowest price in more than four years
Aluminium slid to its lowest level in more than four years on Wednesday as speculators piled pressure on a market already weighed down by a global surplus. Three month aluminium touched a low of $1,748 a tonne, the weakest since July 2009, and closed down 0.9 percent at $1,757. It has been one of...
Aluminium to fall to $1,760 before reversing downtrend
LME aluminium may develop the final drop to $1,760 per tonne, before reversing its downtrend, as indicated by its wave pattern and two trendlines. Wave pattern shows that the metal is riding on the final wave of a five-wave cycle, and this wave could be ending around $1,760, as indicated by the...
Aluminium recovers after touching four-and-a-half-month lows
Aluminium steadied on Tuesday, after touching four-and-a-half-month lows the previous day, as the dollar fell, but analysts expected more losses due to an overhang of inventories and to speculators adding short positions. Copper was slightly weaker following gains in the past week that had been...
Aluminium prices to struggle due to oversupply
All-in aluminium prices will struggle despite good demand given persistent overproduction, according to a new report by Fitch Ratings. It says deconsolidation in the industry, producers moving down the cost curve, and substantial barriers to exit have worked to keep production high. Excess...
Aluminium recovers from 4-1/2-month low as dollar dips
Aluminium steadied on Tuesday, after touching four-and-a-half-month lows the previous day, as the dollar fell, but analysts expected more losses due to an overhang of inventories and to speculators adding short positions. Relative-value trades have been popular this year, including shorting...
Aluminium and copper rise in LME
Aluminium on the London Metal Exchange (LME) have closed out the week considerably higher, after upbeat economic data out of Europe and the US stoked hopes for improved demand for these assets. At the close of open-outcry trading on Friday, LME three-month copper was 1.1 per cent higher on the day...
LME aluminium to retest resistance at $1,807
LME aluminium is expected to retest resistance at $1,807 per tonne, as it has not completed a rebound from the Nov. 19 low of $1,776. The rebound followed the completion of a five-wave cycle that developed from the Oct. 29 high of $1,905.75. At least three waves labelled a, b, c will make up the...
LME extends aluminium warehousing network in US, Netherlands
The LME has extended its list of good delivery points for its primary aluminium contract, approving new locations in the US and Europe. Owensboro, Kentucky and Moerdijk in the Netherlands have both been approved as good delivery points for primary aluminium, the LME said in notices to members. Both...
Aluminium prices: new warehouse rules come into focus
Aluminium prices have not managed to hold on to the gains they made early on in the December quarter, and have fallen by 5.6% to $1,745 a tonne from the high seen in October. That fall, though not alarming, coincides with an uncertain time for metal prices as the London Metal Exchange (LME) is...
LME lists two good delivery locations for aluminium
The London Metal Exchange has listed Owensboro, in Kentucky USA, and Moerdijk, in the Netherlands, as good delivery points for primary aluminium, according to notice sent by the exchange to its members. Owensboro and Moerdijk will become active as a good delivery points for primary aluminium three...
LME aluminium targets $1,775.50
A bearish target at $1,775.50 per tonne has been established for LME aluminium, as it has broken below a support at $1,806 per tonne. The support was provided by the 76.4 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to the Oct. 29 high of $1,905.75. There might not...
Regional aluminium premiums will fall on LME rules, Novelis ceo says
Regional aluminium premiums should gradually decrease to levels last seen 18 to 24 months ago – or even four to five years ago – due to the new London Metal Exchange warehouse policies, Philip Martens, Novelis chairman and ceo, said. “Over time, I think you will see a moderation of regional...
New aluminum warehousing rules may impact prices, profits
Goldman Sachs Group Inc.'s controversial Romulus-based aluminum warehousing operation, Metro International Trade Services LLC, faces new rule changes to cut wait times for metal delivery that could challenge its profitability. The London Metal Exchange, which oversees the trading of metal futures,...
