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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SMM Morning Review: LME aluminum should move within USD 1,815-1,845/mt on 12th July
Chinese Premier Li Keqiang recently emphasized the importance of pro-growth policy and economic restructuring, triggering anticipating that the central government will introduce economic stimulus soon. Fed Chairman Bernanke said the Fed will not taper off monetary stimulus for the foreseeable...
Commodity warehouse ownership rules need rethink -report
Conflicts of interest over ownership of commodity warehouses can inflate prices of raw materials such as aluminium, a report by two Brussels think-tanks said on Tuesday. It is likely to add to market pressure to reform the London Metal Exchange's (LME) storage system, in which companies such as...
Alcoa CEO Not Worried About Proposed LME Policy Change
Alcoa Inc.'s chief executive said Monday that he wasn't concerned about the rollout of a London Metal Exchange warehousing policy that may limit demand for the company's metal. Warehouses licensed by the LME have emerged as a source of demand for aluminum in recent years as banks and commodities...
SMM Morning Review: LME aluminum should move within USD 1,770-1,800/mt on 9th July
Eurozone finance minister agreed overnight to release bailout funds to Greece, pushing the euro up. Sustainable recovery in the US economy drove US stocks up. The US dollar index inched down as a result, boosting commodity prices. However, longs are cautious ahead of upcoming Chinese economic...
LME adds Glencore’s Caplan to aluminum panel
The London Metal Exchange appointed Andrew Caplan, head of Glencore Xstrata Plc’s aluminum division, to its aluminum committee, according to the bourse’s website. Sam Hainsworth of JPMorgan Chase & Co. (JPM) also was named to the panel, which is scheduled to hold its next meeting Oct. 9. The LME...
Support for aluminum July contract is seen at INR 106: Kotak
MCX Aluminium July contract traded at INR 109.20, up 1.35% on Wednesday. It opened at INR 108.20 and touched a high of INR 109.40. LME aluminum traded marginally lower tracking record high stocks at LME warehouses coupled with supply glut. Stocks at LME fell by 5,500 tons yesterday after hitting a...
Aluminium prices up 0.7%
Aluminium future prices yesterday rose by 0.74% to INR 108.55 per kg as speculators created positions on pick up in spot demand. However, a weak trend in the global market, limited the gains. At the Multi Commodity Exchange, aluminium prices for delivery in July traded INR 0.80, or 0.74%, higher at...
LME impact on beer prices
It is reported that the London Metal Exchange (LME) is making impact on the beer market. Traders utilizing the LME to purchase aluminum for beer cans recently reiterated issues that the exchange is causing, putting beer prices in a pinch. While it may seem like a far-fetched relationship on paper,...
SMM Morning Review: LME aluminum should move within USD 1,760-1,800/mt on 1st July
Worries over liquidity crunch in China eased last Friday, which was the last trading day of the first half of the year. US economic data released last Friday night was mixed. Chicago reported that its PMI for June fell to 51.6, the biggest monthly decline in more than four years. On the other hand,...
Rebound in aluminium prices and demand unlikely before end of 2013
Aluminium is likely to stage a come back in demand as well as price only in the end of 2013. This outlook was conveyed during the Bureau of International Recycling (BIR) World Recycling Convention, held in Shanghai in late May Aluminium markets are in the midst of significant upheaval. Aluminium is...
SMM Morning Review: LME aluminum should move within USD 1,765-1,785/mt on 28th June
Initial jobless claims in the US in the week ending June 22 fell to 346,000. Personal income in the US rose 0.5% in May, and personal spending also grew 0.3%. Pending sales of existing home jumped 6.7% in May, the highest since December 2006. These data signal sustained recovery in the US economy....
LME eyes ways to ease warehouse bottlenecks
The London Metal Exchange (LME) is looking at new ways to solve problems in its controversial metals warehousing system as frustration builds among the exchange’s industrial users over supply bottlenecks, metals industry sources said. One option put forward for consideration is scrapping the...
SMM Morning Review: LME aluminum should move within USD 1,760-1,790/mt on 27th June
The US Commerce Department announced that the final reading of US 1Q GDP was revised down to 1.8% from the preliminary reading of a 2.4% growth, fuelling worries over growth in the world’s largest economy. Downbeat data, however, also raised doubt over whether the US Federal Reserve will wind down...
SMM Morning Review: LME aluminum should move within USD 1,770-1,800/mt on 26th June
The People’s Bank of China (PBOC) said yesterday it will closely monitor short-term liquidity crunch, easing market worries. This helped China’s A-shares rebound following sharp declines earlier. The US durable goods orders rose 3.6% MoM in May. Home prices in major cities in the US grew 12.1% in...
SMM Morning Review: LME aluminum should move within USD 1,750-1,790/mt on 25th June
Investors pulled out of financial markets against liquidity crunch in China at the end of mid-year. As a consequence, China’s A-shares plummeted 5.3% on Monday, and gloomy outlook for demand in China added to market worries. Meanwhile, LME aluminum inventories broke through 5.44 million mt to a new...
Brewers press LME to cut aluminum warehouse backlogs
A trade group representing brewers is urging the London Metal Exchange to take steps to reduce warehouse backlogs that beermakers say boost the cost of aluminum used to make drinks cans. The Beer Institute in Washington pressed the exchange to “end restrictive and outdated warehousing rules and...
SMM Morning Review: LME aluminum should move within USD 1,780-1,810/mt on 24th June
The US Federal Reserve (Fed)’s plan to scale back QE3 later this year continued to affect market sentiment, pushing the US dollar index up above 82.5. However, base metals rebounded last Friday due to technical buying, except for LME aluminum, which closed with losses due to mounting inventories...
Manufacturers feel pinch as more LME aluminium is stuck in Detroit
Makers of products such as cans and packaging foils face record high aluminium surcharges in the U.S. Midwest as more of the metal gets sucked into backlogged warehouses in Detroit that are registered by the London Metal Exchange (LME). According to data from the exchange, stocks in Detroit have...
