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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Alcoa Inc demands more transperancy from London Metal Exchange
Alcoa Inc has recently made the news for several reasons, some good, others not. The good news is the announcement that activity will double at its Kawneer asset located in Irurtzun, Spain. Production there is said to focus on standard and custom products for national and international projects....
LME aluminium to drop to $1,758
LME aluminium is expected to drop to its June 27 low of $1,758 per tonne, as it has broken below a trendline rising from this level. The break indicates a slim chance of the rebound from $1,758 extending, and the drop from the Aug. 19 high of $1,949 looks like a continuation of the preceding...
Rusal too demands transperancy in the London Metal Exchange’s activities
The world’s largest aluminum producer, Russia’s UC Rusal, matched calls made last week by Alcoa Inc. for the London Metal Exchange (LME) to release more detailed data on long and short positions as well as details of which parties are holding aluminum inventories. “There is a need for greater...
LME rule may change the playing field for aluminium players
In October, the London Metal Exchange (LME) will decide on a proposal to shorten delays in delivery of aluminium from the exchange’s warehouses. Investors would do well to keep a watch, as it could affect the performance of aluminium companies. Aluminium buyers, such as beverage can makers in the...
UK aluminium scrap prices fall as LME takes toll
UK aluminium scrap prices fell on Wednesday September 11, prompted by low London Metal Exchange prices that have shackled secondary aluminium and aluminium scrap prices throughout the summer. “There is no doubt that prices would be higher if not for low LME aluminium prices,” a secondary aluminium...
LME aluminium expected to drop to $1,785
LME aluminium remains steady on a downtrend and is expected to revisit its Sept. 4 low of $1,785. Wave pattern shows that aluminium is riding on a wave 5, the fifth wave of a five-wave cycle that started at the Aug. 19 high of $1,949. It is expected to travel below the preceding wave 3 trough at...
U.S. aluminum users slam LME's plan to solve warehousing crisis
A group of aluminum users, including MillerCoors LLC and other makers of drink cans, have said the London Metal Exchange's proposal to overhaul its controversial warehousing policy will "fall short" of solving the long wait times and inflated prices. In a letter dated Sept. 9, the so-called...
LME aluminium to revisit low of $1,785.25
LME aluminium is expected to revisit its Sept. 5 low of $1,785.25 per tonne, as it has resumed its preceding medium-term downtrend. The trend started from the Aug. 19 high of $1,949 and has been driven by five waves. The rebound from $1,785.25 is labelled as a wave 4, which is expected to be...
Rusal urges greater transparency in LME's disclosure of positions
Russian aluminum producer Rusal said Monday that there is a need for greater transparency in the London Metal Exchange's disclosure of commercial and non-commercial positions on the exchange. "Specifically, the LME should introduce disclosure of commercial and non-commercial positions on the...
LME aluminium to retrace to $1,800
LME aluminium may have completed a rebound from the Sept. 5 low of $1,785.25 per tonne, or the first round of this rebound, and is expected to drop to $$1,800. The rebound is against a five-wave cycle starting from the Aug. 22 high of $1,920 and ending at the Sept. 4 low of $1,785. A Fibonacci...
LME aluminium to test resistance at $1,817
LME aluminium is expected to test a resistance at $1,817 per tonne, a break above which will lead to a further gain to $1,837. A five-wave cycle starting from the Aug. 22 high of $1,920 has completed at the Wednesday low of $1,785. The bottom of the failed fifth wave labelled v, along with the...
Aluminum climbs for first time in three days on growth optimism
Aluminum advanced for the first time in three days, rebounding from a four-week low, after the U.S. Federal Reserve said a recovery in the world’s largest economy was intact. Aluminum for delivery in three months increased as much as 0.8 percent to $1,804 a metric ton on the London Metal Exchange...
Currency rates and LME figures stifle UK secondary aluminium price
UK secondary aluminium prices stayed flat on Wednesday September 4, with unfavourable currency rates and low London Metal Exchange (LME) prices preventing any increases for both ingot and aluminium scrap. LM24 pressure diecasting ingot continued to trade at £1,520-1,570 ($2,364-2,442) per tonne,...
Ormet expects aluminum prices to rise
Ormet Corp. expects aluminum prices to rise as it returns to full capacity at its Hannibal, Ohio, smelter in the coming years, according to details previously redacted from a business plan filed with Ohio regulators. The bankrupt Hannibal, Ohio-based aluminum producer said in the plan that it...
LME aluminium to break support at $1,815
LME aluminium has completed rebound triggered by support at $1,815 and is expected to break this level on Tuesday. Support is provided by the 76.4 percent Fibonacci retracement on the rise from the Aug. 7 low of $1,773.25 to the Aug. 19 high of $1,949, serving as the last barrier towards $1,773.25....
JPMorgan expects loss forAluminum Industry due to new LME Rule
Two-thirds of aluminum producers would be losing money because of lower premiums paid on top of exchange benchmarks if the world’s biggest metals bourse approves rules to cut waiting times at its warehouses, according to JPMorgan Chase & Co. Premiums to obtain the metal will drop 60 percent to...
Aluminum reaches three-week low on prospects for larger surplus
Aluminum reached a three-week low in London on prospects for a global surplus of the lightweight metal to expand. Copper slumped, narrowing the biggest monthly gain since September. Supply of aluminum will outpace demand by 994,000 metric tons this year, above the prior 883,000-ton estimate, said...
LME aluminium to drop to $1,840
LME aluminium is expected to drop to $1,840 per tonne, as indicated by a falling channel and a Fibonacci retracement analysis. After struggling for several days around the upper channel line, aluminium eventually resumed its drop towards the lower channel line, which points $1,840, the 61.8 percent...
