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 retest support at $1,879
LME aluminium is expected to retest support at $1,879 per tonne, a break below which will lead to a further loss to $1,853. Support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, blocking the way towards the 100 percent projection level at $1,853. The downtrend...
LME 3-Month Price of Aluminum Drifts Downwards
The 3-month price of aluminum saw the biggest decline of the day, dropping 1.3 percent on the LME to close at $1,905 per metric ton on Wednesday, August 21. On the LME, the primary aluminum cash price declined 1.3 percent to $1,848 per metric ton. The cash price of primary Indian aluminum,...
LME aluminium to hover above support at $1,879
LME aluminium may hover above a support at $1,879 per tonne for one trading session before breaking this level and falling further to $1,853. The support is provided by the 61.8 percent Fibonacci projection level of a downward wave c, strengthened by another one at $1,882, the 38.2 percent...
LME aluminium to fall to $1,892
LME aluminium is expected to revisit its Tuesday low of $1,892 per tonne, as a drop from the recent high of $1,949 has not completed. The drop may be composed of three waves labelled a, b, c. The wave b seems to have completed within a resistance zone of $1,914-$1,921, formed by the 38.2 percent...
LME aluminium may retrace to $1,918
LME aluminium is expected to retrace to $1,918 per tonne, as it faces a resistance at $1,943. The resistance is provided by the 161.8 percent Fibonacci projection level of an upward wave C which started at the Aug. 7 low of $1,773.25. The bearish divergence on the hourly RSI indicates the wave C...
New metal warehouse rules to pile pressure on aluminium smelters
Proposed rule changes for industrial metals warehouses and increased scrutiny by regulators are likely to unleash stored aluminium, adding to the global surplus and forcing more smelters to shut. The new rules will slash the profitability of financing deals that have locked up metal in London Metal...
LME aluminium may hover around $1,874
LME aluminium is expected to test a support at $1,874 per tonne, a break below which will lead to a further loss to $1,855. An uptrend that developed from the June 27 low of $1,758 has been reversed, as the wave pattern reveals a completion of this trend. Three waves labelled a, b, c have made up...
Aluminium prices tick up on the news of Rusal's capacity halt
Rusal CEO Oleg Deripaska is making moves – to help his company’s margins. Bloomberg reported that Deripaska indicated 8.4% of the company’s production output will be halted this year to help support aluminum prices. “The company will idle 350,000 tonnes of capacity at five of its plants with high...
Base metals surge on the LME
Base metals on the London Metal Exchange (LME) have closed higher after prices surged following another round of upbeat Chinese economic data that stoked investor hopes for better demand from the world's top metals consumer. At the close of open-outcry trading in the London ring on Friday, LME...
LME aluminium to retreat to $1,853
LME aluminium is expected to retrace to $1,853 per tonne, as it failed to break a resistance at $1,878. The resistance is provided by the 100 percent Fibonacci projection level of an upward wave c, which looks exhausted, as it could have unfolded too fast. Strengthening this resistance is another...
China Aluminum up in Base Metal Market
Following a three-day flat streak, the price of Chinese aluminum bar climbed by 1.1 percent on Tuesday, August 6. After two changeless days, the cash price of Chinese aluminum fell 0.2 percent. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row. The price of...
LME aluminium may drop towards $1,772.25
LME aluminium is biased to drop below a neutral range of $1,792.25-$1,836 per tonne, and then fall towards the July 31 low of $1,772.25. The metal has approached the Aug. 2 low of $1,792.25, making the consolidation within the range look like a double-top, which will be confirmed when the neckline...
LME, Goldman faces legal challenges on aluminium storage
The London Metal Exchange and Goldman Sachs Group Inc. have been named as co-defendants in a U.S. class-action lawsuit alleging anticompetitive behaviour in aluminium warehousing, Hong Kong Exchanges and Clearing Limited (HKEx) said. Goldman on Wednesday tried to diffuse years of frustration over...
Rusal says aluminum premiums to stay high as LME tackles backlog
United Co. Rusal, the world’s biggest aluminum producer, said elevated premiums are supported by demand and financing deals as the London Metal Exchange tries to ease backlogs in its warehouses that drew complaints from users including MillerCoors LLC. The LME, which oversees more than 700...
LME aluminium to drop into $1,787-$1,797 range
LME aluminium is expected to drop into a range of $1,787-$1,797 per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis. The rebound from the recent low of $1,772.25 has stopped in a range of $1,828-$1,842, formed by the 61.8 percent and the 76.4 percent Fibonacci...
Goldman's aluminium offer may soothe but leave costs high
Goldman Sachs' olive branch to beleaguered metals customers will do little to help bring down the high cost of securing aluminium, but even critics praised the proposal as a smart move to placate regulators and silence complaints. Goldman responded to mounting political pressure and regulatory...
Chinese aluminium import premiums edge up as LME prices slip
Platts Chinese import premiums for Good Western aluminum edged up Wednesday to $245-250/mt CIF plus LME cash from $230-250/mt last week, as Chinese buying interest picked up on the back of weaker London Metal Exchange prices this week, industry sources said. Chinese import queries have increased as...
LME aluminium to rebound to $1,797
LME aluminium is expected to rebound to $1,797 per tonne, as it has completed a five-wave cycle. The cycle fell from the July 22 high of $1,863. A Fibonacci retracement analysis reveals a target at $1,797, the 23.6 percent level, a break above which will lead to a further gain to $1,810, the 38.2...
