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 to rebound to $1,841
LME aluminium has found a support at $1,806 per tonne and may rebound to $1,841. The support is 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. It has been proved effective as the downtrend stopped to extend. The...
North American aluminium market encouraged by LME rules
Aluminium consumers and some North American aluminium producers applauded sweeping changes announced on November 7 by the London Metal Exchange. Atlanta-based Novelis is encouraged by the development, chief supply chain officer Nick Madden said in a e-mail to AMM. “At first review, the rule changes...
Alcoa CEO calls aluminum unavailability caims a ‘Myth’
Alcoa Inc. (AA), the largest U.S. aluminum maker, said claims by some consumers that the metal is unavailable are incorrect. The claims are “a total myth,” Chief Executive Officer Klaus Kleinfeld said today in a presentation to investors in Cleveland, Ohio. None of its customers have stated to...
Major aluminum producer shares fall on LME warehouse rules
Shares of major aluminum producers tumbled on Thursday, as investors anticipated that new London Metal Exchange warehouse rules could depress aluminum prices. Alcoa Inc., the largest U.S. producer fell 7.5% in afternoon trading. Shares of United Co. Rusal, based in Russia and the largest aluminum...
LME slashes warehouse queue times to abate metal hoarding criticism
The London Metal Exchange has pledged to cut down the amount of time it takes for customers to receive physical metals in a bid to combat criticism over metal hoarding. Under a new plan, the LME plans to slash waiting times down to 50 days, after regulatory pressure for the industry to review its...
Century questions ‘tight-lipped’ LME over aluminium premiums
US regional aluminium premiums fell during most of the third quarter but have recently firmed and even increased slightly, Century Aluminum Co executives said. But the Chicago-based aluminium producer said uncertainty remained in premiums and warehouse stock forecasts given uncertainties around...
LME aluminium may rebound to $1,825
LME aluminium may end its current moderate rebound around a resistance at $1,825 and then drop towards $1,790 per tonne. The rebound has been triggered by a support at $1,806, 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....
Goldman research rebuts warehouse critics
Analysts at Goldman Sachs have argued that warehouse queues do not influence aluminium prices, rebutting complaints by users of the metal who have suggested the opposite. Long queues to take delivery of aluminium from London Metal Exchange warehouses have become the focus of a furious debate in...
LME aluminium to retest support at $1,842
LME aluminium is expected to retest support at $1,842 per tonne, after it completes its pullback towards $1,860. The support is provided by the 38.2 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Sept. 17 low of $1,775.50. It has caused a pullback towards the lower...
Investors plunge back into aluminium finance deals, premiums rise
Investors are again locking up aluminium in warehouses as collateral for financing deals, driving up premiums consumers must pay to to obtain metal quickly, months after the London Metal Exchange proposed plans to free up backlogged metal. This month the premiums, the amount paid above LME prices...
Aluminium hits 2-month high as new LME rules expected
Aluminium touched the highest level in two months on Monday as traders said investors were betting that the London Metal Exchange (LME) would make changes to warehouse rules that would boost the price of the metal. Three-month aluminium on the LME climbed to a session high of $1,900 a tonne, the...
Aluminum prices in China remain strong in oversupplied global market
It’s hard to understand how the Chinese market price for aluminum can be so strong and the growth in new smelter capacity so enduring when the global aluminum market is oversupplied. However, investment in new capacity is one thing. Prices are another. Some look at SHFE prices that are way above...
LME aluminium to consolidate in $1,840-$1,860 range
LME aluminium is expected to consolidate in a range of $1,840-$1,860 per tonne, as indicated by its wave pattern and two trendlines. The drop from the Oct. 22 high of $1,891.25 is labelled as a wave c, the final wave of a three-wave cycle that developed from the Oct. 11 high of $1,890. Five small...
Alcoa and Rusal benefited from LME warehouse issues: Wall Street Journal
Two of the world’s largest aluminum makers reaped an estimated $1.4 billion in revenues from higher fees amid a logjam at London Metal Exchange warehouses, according to an analysis by The Wall Street Journal. The two companies, Alcoa Inc. and United Co. Rusal, have emerged as some of the most vocal...
Clock ticking for CME aluminium contract, industry expert Bodner says
CME Group has a window of just a few months to establish its new aluminium contract before the opportunity is missed, industry consultant Mark Bodner told Metal Bulletin. “CME rightly sees an opportunity,” Bodner said. “A launch before year-end will give a much better chance of success than if it’s...
Alcoa criticises LME on metal warehousing issues
One of the world’s largest aluminium producers has attacked the London Metal Exchange as “short-sighted and misguided” and called on regulators to intervene in a row about metals warehousing. In a letter sent to the UK Financial Conduct Authority and the US Commodity Futures Trading Commission on...
LME aluminum stocks jump most in a year as financing continues
Aluminum inventories tracked by the London Metal Exchange jumped the most in more than a year, following a gain in zinc stockpiles, amid continued appetite to use industrial metals in so-called financing transactions. Stocks of aluminum rose 1.5 percent, the most since Sept. 13, 2012, to 5.42...
Aluminium down 0.4% on overseas trend
Aluminium futures prices fell by 0.40% to INR 112.85 per kg today as speculators trimmed positions amid a weak trend in metal at the London Metal Exchange. At the Multi Commodity Exchange, aluminium for delivery in October lost 45 paise, or 0.40%, to INR 112.85 per kg, with a business turnover of...
