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 price to drop to USD 1,881 per ton
LME aluminium is expected to drop to $1,881 per ton, as it may have completed a rebound from the May 15 low of $1,821. This rebound has been driven by the third wave of a three-wave cycle that developed from the May 2 low of $1,809. A Fibonacci projection analysis reveals this wave C has a big...
Aluminum scrap prices get boost from LME
Mill-grade aluminum scrap prices strengthened on May 30, in step with an increase in primary metal on the London Metal Exchange. Prices for 5052 segregated low-copper alloy clips rose to 88 to 90 cents per pound from 87 to 89 cents, 3105 clips increased to 80 to 82 cents per pound from 79 to 81...
SMM Morning Review: LME aluminum should move within USD 1,900-1,930/mt on 3rd June
Most of the US economic data released last Friday were positive. Chicago PMI rose to 58.7 in May, the highest level since last March. The University of Michigan final index of US consumer sentiment in May climbed to 84.5, a record high since July 2007. The US registered a 0.1% increase in retail...
SMM Morning Review: LME aluminum should move within USD 1,880-1,920/mt on 31st May
Economic Sentiment Indicator in the euro zone gained 0.8 points to 89.4 in May, capping forecasts and helping the euro rebound. The US Q1 GDP was revised to a 2.4% annual growth rate. Initial jobless claims in the US rose to 354,000 in the week ended May 25. Weak economic data suggest that the US...
SMM Morning Review: LME aluminum should move within USD 1,850-1,870/mt on 30th May
The Organization for Economic Co-operation and Development (OECD) on Wednesday trimmed its growth estimate for the world economy, saying global GDP will expand 3.1% in 2013, instead of 3.4% estimated earlier. It also lowered the US growth outlook for 2013 to 1.9% from 2% and cut its forecast for...
Aluminium prices up 0.44% on rising demand
Aluminium prices rose yesterday by 0.44% to INR 102.45 per kilogram 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, the May tarde rose by 45 paise, or 0.44%,...
Aluminum wheel prices falter amid supply surge and LME dip
Prices for scrap aluminum wheels have fallen since the start of May as recent downturns on the London Metal Exchange coupled with greater supply have caused the wheel market to "soften slightly," sources say. Free-market transaction tags for 356.1 wheels are at 86 to 89 cents per pound, down from...
SMM Morning Review: LME aluminum should move within USD 1,840-1,860/mt on 29th May
US home prices jumped 10.9% in March compared with a year ago, the highest level in seven years. The Conference Board’s Consumer Confidence Index rose to 76.2 in May. These positive data are a sign of sustained improvement in the US economy, but also raised worries that the US Federal Reserve will...
Hindalco shares drop after net falls 25% in fourth quarter
Hindalco shares started lower on Wednesday despite the company reporting better margins on a sequential basis. The stock traded 0.8 per cent lower at INR 109.15 as of 09.22 a.m., underperforming the broader Sensex, which traded 0.17 per cent lower at 20,125. Hindalco's net profit dipped 24.68 per...
SMM Morning Review: LME aluminum should move with in USD 1,840-1,860/mt on 24th May
HSBC’s flash China manufacturing PMI for May dropped unexpectedly, slipping into contraction for the first time in seven months. Manufacturing in the euro zone rebounded slightly, but still indicated contraction. Manufacturing in the US slowed, but did point to expansion. Market worries remained...
SMM Morning Review: LME aluminum should move with in USD 1,850-1,880/mt on 23rd May
US Federal Reserve Chairman Bernanke’s testimony to the congress overnight was in support of QE3 to propel US economy. However, Bernanke also said that asset buying may be scaled back later this year if economy improves further. The minutes of April policy meeting indicate intense debate among Fed...
SMM Morning Review: LME aluminum should move with in USD 1,850-1,870/mt on 22nd May
Investors are cautious ahead of US Federal Reserve Chairman Bernanke’s testimony to the congress due today and preliminary manufacturing index from major economies for May due later this week. Despite the retreat of the US dollar index from 84 during European session, LME aluminum pulled back after...
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on 20th May
The University of Michigan preliminary index of consumer sentiment rose to 83.7 in May, a six-year high. Meanwhile, the Conference Board Leading Economic Index for the US also increased 0.6% in April, a five-year high. These positive data helped send the US dollar index up to 84, weighing on...
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on17th May
US initial jobless claims jumped to 360,000 in the week ended May 11. The US posted a 1.1% growth in CPI in April, below expectations. These data helped reduce possibility of asset purchases cuts by the US Federal Reserve for the immediate term. As such, the US dollar index pulled back from high...
Aluminum prices dropped 2.67%
Aluminum prices dropped in four consecutive trading days until Tuesday (14/5). Decline in aluminum prices along with other industrial metals prices drop in the past week. Only tin which recorded an increase in price. Price of aluminum for delivery in three months on the London Metal Exchange (LME)...
LME Aluminium inventories climb 76125 tons Tuesday
Tuesday has seen London warehouses witnessing a rise in aluminum inventories to the tune of 1.4% or 76125 tons to touch 5230300 tons. The inventories mark a six week high level. The prices have been charting a downward direction ever since higher supply pressure began to be felt by markets. For...
SMM Morning Review: LME aluminum should move with in USD 1,820-1,850/mt on16th May
Q1 GDP in France, Spain and Italy contracted. Germany’s GDP pointed to slight growth in the first quarter, but still missed forecasts. As a result, Q1 GDP in the euro zone declined 0.2%, contracting for a sixth straight quarter. The US dollar index surged above 84 on weak European economic data. It...
Aluminium weakens 0.4% on global cues
Aluminium prices fell by 0.44% to Rs 101.25 per kg in futures trading today, largely in tune with a weakening trend in the global markets on demand concern. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange (MCX), the May contract...
