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...
Grow with
AL Circle
LME cash price of aluminum still dropping
On Monday, July 29, the aluminum cash price fell by 1.3 percent on the LME, landing at $1,761 per metric ton and making it the day’s biggest mover. Today marks the fifth day in a row of declining prices for the aluminum 3-month price. After falling 1.3 percent on the LME, prices settled at $1,805...
Alba achieves first-half profit growth
Aluminium Bahrain has said that its net profit grew by 7% during the first half of 2013, despite the fact that its sales were largely flat at $1.02bn. The company said that it achieved a 1.9% year-on-year increase in sales volumes, despite a general drop in aluminium prices worldwide. Aluminium...
LME aluminium to drop to $1,783
LME aluminium is expected to fall more to $1,783 per tonne, as it has pierced below a support at $1,798. The support is provided by the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to $1,863, and the next support will be at $1,783, the 76.4 percent retracement. A...
Weekly aluminum price index: slight 1.9% rise for LME cash price
The aluminum cash price saw the biggest increase on the weekly Aluminum MMI® this week, rising 1.9 percent on the LME and settling at $1,807 per metric ton. Last week, the aluminum 3-month price increased by a slight 1.9 percent on the LME to $1,850 per metric ton. The cash price of primary Indian...
Alcoa urges LME to provide more transparency in aluminum trading
Alcoa Inc., the largest U.S. aluminum producer, is urging the London Metal Exchange to provide more transparency into its marketplace for the lightweight metal. The current system isn’t sustainable, Klaus Kleinfeld, Alcoa’s chairman and chief executive officer, said in an interview. At stake, he...
USA: Brewer sets ball rolling on aluminium warehousing reform
Tim Weiner, MillerCoor's global risk manager has drawn attention to the LME warehousing situation and its effect on aluminium pricing and delivery. Mr Weiner highlighted what he called the development of an 'economic anomaly' in the global metals market that has resulted in higher prices despite a...
LME sees no “reported shortage” of aluminum
The London Metal Exchange, the world’s biggest metals marketplace, said there is no “reported shortage” of aluminum after buyers complained about inflated costs and backlogs at the bourse’s storage network. Consumers can buy the metal used in cars and beverage cans directly from producers as they...
Goldman Sachs and Glencore to report on Aluminium 'Hoarding' to US Regulator
Some of the world's biggest commodities traders - including market giants Goldman Sachs and Glencore Xstrata - have been ordered by a US regulator to preserve of all internal documents and emails relating to the storage of aluminium ahead of a potential investigation. The New York Times reported...
Mill-grade aluminum scrap price climbs on LME rise
Prices for mill-grade aluminum scrap strengthened across the board July 22, with secondary tags moving largely in response to recent upticks on the London Metal Exchange, according to market sources. Prices for 5052 segregated low-copper alloy clips increased to 86 to 88 cents per pound from 84 to...
MillerCoors urges more oversight of LME in Senate testimony
MillerCoors LLC has urged U.S. lawmakers and regulators to press for greater regulatory oversight of the London Metal Exchange, the world’s largest metal market, after years of inflated aluminium prices that have cost the industry billions of dollars. “We simply ask for the same regulatory and...
SMM Morning Review: LME aluminum should move within USD 1,810-1,850/mt on 22nd July
The US dollar index fell following Fed Chairman Bernanke’s announcement that any decision to scale back bond-buying program will depend on how labor market and economy perform, buoying commodity prices. LME aluminum held stable at USD 1,800/mt during the early European session, and later broke...
LME aluminium to edge up to $1,827
LME aluminium may edge up to its Wednesday high of $1,827 per tonne, as it seems to have found strong support at $1,794. A wave pattern indicates the formation of a flat, which will consist of three waves roughly equal in length. Labelled c, the current wave may approach the peak of the starting...
LME scheme not enough to end warehouse logjam
The London Metal Exchange's (LME) proposals to tackle the long queues that end-users face to obtain aluminium from warehouses is unlikely to resolve the problem, the chairman of the Japan Aluminium Association said on Wednesday. On a separate issue, Shigenori Yamauchi also said Japan does not need...
LME aluminium to revisit low of $1,793
LME aluminium is expected to revisit its July 16 low of $1,793 per tonne, as a rebound from this level has completed. The rebound has been triggered by support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25. After...
Norsk Hydro sees solid demand ahead as Q2 tops forecast
Norsk Hydro, one of the world's biggest aluminium makers, said it expected solid demand growth and weak prices this year as it reported a smaller-than-expected drop in April-June core earnings. Its primary metals unit outperformed expectations in the quarter, compensating for increasing losses in...
Mill-grade aluminum prices down with LME
Prices for mill-grade aluminum scrap weakened across the board July 15, with sources saying that tepid market activity coupled with weakening exchange prices were having negative effects on the secondary market. Prices for 5052 segregated low-copper alloy clips fell to 84 to 86 cents per pound from...
LME aluminium signals mixed
Signals are mixed for LME aluminium, as it is not clear how high the current rebound could reach. The rebound followed the completion of a five-wave cycle around a support at $1,794, the 61.8 percent Fibonacci retracement on the rise from the June 27 low of $1,758 to the July 12 high of $1,851.25....
SMM Morning Review: LME aluminum should move within USD 1,820-1,840/mt on 15th July
The US dollar index rebounded last Friday following two days of declines, keeping LME aluminum in check. Investors pulled out of the market ahead of the release of China’s 2Q GDP, causing trading volumes to fall to around 10,000 lots. LME aluminum broke through the 30-day moving average to USD...
