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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Embraer SA launches E2 E-Jet, as aluminum cash price drifts down
With Boeing and Airbus fighting in the background, Embraer S.A. announced a new generation of E-Jets as the aircraft company “foresees a demand for 6,400 commercial jets with capacity of up to 130 seats, over the next 20 years,” according to a recent release. As for the design and execution of...
Aluminium to correct lower on poor fundamentals, producer selling
Aluminium prices, which have risen on aggressive short-covering in recent weeks, are well above fair value and a correction lower is likely, Barclays Capital said. Producer selling and poor fundamentals will be the drivers of this price correction of around 10 percent from current levels, the...
Aluminium prices down by 0.2%
Aluminium futures prices fell by 0.23% to INR 107.55 per kg on Wednesday as speculators trimmed positions amid a weak trend in metal at the London Metal Exchange. At the Multi Commodity Exchange, aluminium for delivery in July fell by INR 0.25, or 0.23%, to INR107.55 per kg, with a business...
SMM Morning Review: LME aluminum should move within USD 1,820-1,850/mt on 19th June
LME aluminum inventories surged 69,000 mt to 5.35 million mt last night, a new record high. Mounting inventories fuelled concerns over tepid demand. Investors pulled out of the market ahead of the result of US Federal Reserve policy meeting, causing LME aluminum positions to tumble 22,439 lots to...
SMM Morning Review: LME aluminum should move within USD 1,830-1,870/mt on 18th June
LME aluminum inventories surged 59,600 mt to 5.28 million mt, a new record high. Spot aluminum inventories in China stopped falling following the Chinese Dragon Boat Festival, now holding stable at 1 million mt. Growing oversupply pressure sent LME aluminum below USD 1,850/mt to USD 1,833/mt during...
LME lists Taiwanese port as new delivery location
The London Metal Exchange has approved Kaohsiung, Taiwan as a good delivery point for primary aluminium, aluminium alloy, copper, lead, nickel, tin and zinc. This will be the LME’s ninth location in Asia. “It is important that the LME’s network of good delivery points are located in the correct...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 17th June
The US Labor Market announced last Friday that the country’s PPI grew 0.5% MoM in May, markedly up from the estimate. However, industrial output in the same month was unexpectedly flat with April and missed forecasts. The University of Michigan Consumer Sentiment preliminary index fell sharply to...
China’s anhydrous aluminum fluoride exports grow in April, but exports prices fall
China Customs data show that China exported 16,908.6 mt of anhydrous aluminum fluoride in April, up 49.2% YoY. YTD exports through April hit 53,988.3 mt, also a gain of 30.3% YoY. The average export price, however, fell. SMM confirmed that the average export price of anhydrous aluminum fluoride in...
SMM Morning Review: LME aluminum should move within USD 1,850-1,870/mt on 14th June
Chinese investors returned to the market from the three-day holiday yesterday, but downbeat economic figures ignited concerns over economic growth. Asian shares suffered losses, but dip-buying did help commodity prices fall at a slower pace. Greece’s unemployment rate in Q1 hit a new record high at...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 13th June
The US May non-farm employment increased more than expected by 175,000, implying sustained recovery of the US economy. However, this also ignited fear that the US Federal Reserve may wind down QE3. China’s CPI climbed 2.1% YoY in May, but PPI shrank unexpectedly to 2.9% YoY. China's industrial...
Aluminium futures up 0.95 per cent
Aluminium prices on Tuesday rose by 0.95 per cent to INR 111.45 per kg in futures trade as speculators enlarged positions amid a firming trend overseas. Besides, increased demand at domestic spot markets also influenced prices. At the Multi Commodity Exchange, aluminium for delivery in June rose by...
LME Aluminium Inventories Jumped By 18750 Tonnes In Single Day
LME Aluminium inventories jumped by as much as 18750 tonnes in the single day on 9 June 2013. The rise is probably on account of closure of Chinese markets for Dragon Boat festival which will mean lower demand for metal in spot. The rise in Aluminium was followed by sharp decline in prices. After...
London Metal Exchange chief to quit after HK sale triumph
Martin Abbott quit as chief of the London Metal Exchange, six months after triumphantly steering a sale to Hong Kong owners of the world’s biggest marketplace for materials such as copper and zinc. While admirers and critics credit him for persuading the 137-year old London institution’s fractious...
MCX Aluminium rises after UK manufacturing data
Aluminium prices at India’s Multi Commodities Exchange (MCX) was trading up by 1.88%. The June Contract is now trading around INR 109.30-111.05 per kg levels. Aluminium gained as sentiment on the metal remained upbeat amid easing concerns over China’s economic outlook. Positive forecast on UK...
SMM Morning Review: LME aluminum should move within USD 1,950-1,980/mt on 7th June
The European Central Bank decided last night to keep interest rate unchanged at 0.5% now that recently released economic indicators in Europe have suggested the European economy is recovering from recession. Market focus remains on US non-farm payrolls due tonight. Initial jobless claims announced...
SMM Morning Review: LME aluminum should move within USD 1,950-1,990/mt on 6th June
According to the ADP National Employment Report, 135,000 jobs were added in US private sectors in May, well below the 165,000 forecast. This kept investors cautious about non-farm employment due to the released tomorrow. US factory orders increased 1.0% MoM in April, also missing expectations. On...
SMM Morning Review: LME aluminum should move within USD 1,920-1,960/mt on 5th June
The US Commerce Department announced overnight that the country’s trade deficit expanded to USD 40.29 billion in April as imports of automobiles and mobile phones exceeded exports. This will contribute to its GDP growth in the second quarter. In response, LME aluminum jumped to the highest since...
SMM Morning Review: LME aluminum should move within USD 1,900-1,940/mt on 4th June
HSBC’s final China May manufacturing PMI hit an 8-month low of 49.2. US ISM manufacturing PMI fell unexpectedly to 49, the lowest level since June 2009. Manufacturing in the euro zone slipped into contraction for 22 months in a row. Faltering global economy undermined market sentiment, but also...
