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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In 2013 Aluminium production worldwide rise to more than 46 million tonnes
In the production of primary aluminium IKB Deutsche Industriebank, Düsseldorf, Germany, expects global growth to more than 46 million tonnes for 2013. The IKB presents this assessment in its current report on price trends for commodities in October 2013. According to the IKB, primary aluminium...
LME aluminium to drop towards $1,842
LME aluminium is expected to break a support at $1,862 per tonne and fall further towards $1,842, as it has completed a rebound from the Sept. 17 low of $1,775.50. The completion has been indicated by aluminium's repeated failure to break a resistance at $1.883, which is provided by the 61.8...
Alcoa hits out over LME policy changes
Aluminium producer says the exchange's 'irresponsible' move to overhaul warehousing has led to confusion and a drop in premiums. Global aluminium premiums have fallen because of "confusion" over the London Metal Exchange's proposal to overhaul its warehousing policy, Alcoa chief financial officer...
Rusal lobbies for no change to LME warehouse rules
Russia's United Company Rusal, the world's largest aluminium producer, is urging the London Metal Exchange to leave its controversial warehousing rules unchanged or risk damaging the whole market, Deputy CEO Oleg Mukhamedshin said on Tuesday. The LME, the world's biggest marketplace for industrial...
CME Group to launch an aluminium contract to challenge LME
CME Group, the world’s largest futures exchange, will launch an aluminium contract to challenge the London Metal Exchange’s dominance of the largest base metals market as it suffers a storm of public criticism. Harriet Hunnable, head of metals at the Chicago-based group, said its plans for an...
LME aluminium to climb into $1,866-$1,878 range
LME aluminium may climb into a range of $1,866-$1,878 per tonne, driven by a wave c. This is the third wave of a three-wave cycle that developed from the Sept. 17 low of $1,775.50. It may eventually travel to $1,898, its 100 percent Fibonacci projection level. However, there is a resistance zone of...
LME aluminium in neutral range
Signals will be neutral for LME aluminium until it gets out of a range of $1,808-$1,860 per tonne. The range has been formed by the Oct. 1 high of $1,860 and the 61.8 percent Fibonacci retracement on the rise from the Sept. 17 low of $1,775.50 to this high. A rise above $1,860 will confirm the...
Aluminum costs seen dropping as LME unclogs depots
The London Metal Exchange’s plan to ease congestion at warehouses storing near-record amounts of aluminum will accelerate deliveries and reduce premiums paid for supply, at a time when prices are already near a four-year low. European premiums excluding duty will drop as much as 15 percent to $145...
UK aluminium scrap prices under pressure
UK aluminium scrap prices are under significant downward pressure as unfavourable exchange rate movements have rendered most non-European export markets uncompetitive, while low London Metal Exchange prices continue to provide further impetus on the downside. “The LME continues to drift, and the...
Rusal CEO Deripaska whining over LME Aluminum
UC Rusal Chief Executive Oleg Deripaska appealed to the new owners of the London Metal Exchange (LME), Hong Kong Exchanges and Clearing (HKEx), to think again on their proposals to force aluminum warehouses to release more metal than they take in, according to a recent Reuters article, saying “the...
LME aluminium to extend loss to $1,795
LME aluminium is expected to extend its loss to $1,795 per tonne, as it could have resumed a preceding downtrend that developed from the Aug. 19 high of $1,949. The trend has been disrupted by a rebound from the Sept. 17 low of $1,775.50. This rebound will be totally reversed over the next few...
Rusal objects to HKEx’s ‘unprecedented intervention’ in aluminium market
Aluminium producer UC Rusal has called on the London Metal Exchange to postpone the changes it proposes to make to warehouse load-out rates, and instead provide more information about position holdings and encourage competition between warehouse firms. The measures the LME has proposed are intended...
Rusal asks LME to postpone proposed warehouse overhaul
Russia's United Company Rusal , the world's biggest producer of aluminium, said on Wednesday it has asked the London Metal Exchange (LME) to postpone the proposed overhaul of rules that govern its global warehouse network. Backlogs in metal deliveries from LME warehouses have inflated spot...
LME aluminium targets $1,639-$1,657 range in three months
LME aluminium may drop into a range of $1,639-$1,657 per tonne in three months, as indicated by its wave pattern and a Fibonacci ratio analysis. The uptrend from the Feb. 24, 2009 low of $1,279 to the May 3, 2011 high of $2,803 has been reversed more than 61.8 percent, as revealed by a Fibonacci...
Rusal seeking some fixed-term aluminium premiums for 2014
Russia's United Company Rusal , the world's biggest producer of aluminium, wants to fix the price for some of its aluminium supply contracts for next year, the company's marketing chief executive said on Thursday. Rusal last year broke with tradition to switch term supply deals for 2013 to a...
Indian, LME aluminum prices drop
Canadian Bombardier Inc. put its stake in the ground to challenge Boeing and Airbus by flying its C Series plane for the first time. “However, the post-flight press conference also highlighted the risks surrounding the project, with several questions focusing on whether the aircraft would meet the...
LME aluminium faces resistance at $1,816
LME aluminium faces a resistance at $1,816 per tonne, and may hover below this level or retrace to $1,800. The resistance is provided by the 23.6 percent Fibonacci retracement on the fall from the Aug. 19 high of $1,949 to the Monday low of $1,775.50, temporarily blocking the way towards the 38.2...
Aluminium industry at odds over supply deals, warehouse reforms
The world's top aluminium producers and consumers are at loggerheads over the thorny issue of what price, or premium, should be paid to secure metal deliveries, and will conclude fewer fixed term supply deals this year, industry sources said. Producers Rusal , Alcoa and Rio Tinto are descending on...
