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 cash price of aluminum up after two-day drop
Weakening prices changed direction when the aluminum cash price rose 1.0 percent on Wednesday, April 24 on the LME to $1,858 per metric ton. On the LME, the 3-month price of aluminum inched up 0.9 percent to $1,888 per metric ton. The cash price of primary Indian aluminum gained 0.7 percent....
SMM Morning Review: LME aluminum will fluctuate between USD 1,910-1,940/mt on 26th April
The US initial jobless claims dropped more than expected to 339,000 in the week ended April 20. Rising unemployment rate in Spain and France raised hopes for interest rate cuts by central banks. Longs entered the market at low prices, pushing LME aluminum to a high of USD 1,944.3/mt. Finally, LME...
SMM Morning Review : LME aluminum expected to fluctuate between USD 1,890-1,910/mt on 25th April
The US durable goods orders declined 5.7% MoM in March, the biggest decline in eight months and well below expectations. The US dollar index fell below 83, helping LME aluminum find support at USD 1,900/mt. However, weak economic data curbed gains of LME aluminum, which met resistance at the 30-day...
LME aluminum should fluctuate between USD 1,870-1,910/mt on 24th April
The preliminary April manufacturing PMI from China and the US both fell sharply. The euro zone’s manufacturing index shrank to the lowest for the year, and Germany’s economy was also dragged down. These downbeat figures pushed the US dollar index up to 83. On the other hand, a mild rise in the US...
Aluminium LME daily forecast
Aluminium last week pierced the 3 year trend line at 1827 but bounced quickly from 1818 & we expected this to mark the low for the 2 month sell off. We have seen some weakness at the start of this week as expected to 1873 & below here today good support at 1860. However we cannot rule out a break...
LME cash price of aluminum shifts up
With a 1.0 percent increase over the past day, the aluminum cash price was the biggest mover on the LME, closing at $1,873 per metric ton on Friday, April 19. On the LME, the aluminum 3-month price rose 0.7 percent to $1,901 per metric ton. The Indian aluminum cash price held steady. Chinese...
Aluminium LME daily forecast
Aluminium last week pierced the 3 year trend line at 1827 but bounced quickly from 1818 & we expected this to mark the low for the 2 month sell off. We could see some weakness at the start of this week to 1873 then good support at 1860. However we cannot rule out a break lower to 1850/41 & possibly...
SMM Morning Review : LME aluminum will fluctuate between USD 1,850-1,895/mt on 23rd April
The US existing home sales dropped 0.6% in March to an annualized 4.92 million units, far below expectations. The consumer confidence index in the euro zone was in negative territory, but did improve some from previous reading. This eased market worries and forced the US dollar index to surrender...
SMM Morning Review: LME aluminum to fluctuate between USD 1,850-1,895/mt on 22nd April
Economic data from China and the US were discouraging. Worries over the European debt crisis remain. The UK’s AAA credit rating was downgraded by Moody’s in February, and revised down again last Friday by Fitch. The US dollar index broke through resistance at all the moving averages during the...
SMM Morning Review: LME aluminum should struggle between USD 1,890-1,920/mt on 19th April
Gold prices stabilized following earlier sharp declines, keeping the US dollar index in check. Short-covering helped push LME aluminum above USD 1,900/mt. However, a slight rise in the US weekly initial jobless claims, slowing Philadelphia Fed manufacturing in April and unexpected fall in...
LME cash price of aluminum up after two day decline
Following a two-day decline on the LME, the cash price of primary aluminum climbed up 3.1 percent on Wednesday, April 17. After falling for two days, the 3-month price of aluminum rose 2.7 percent on the LME to $1,892 per metric ton. The Indian aluminum cash price weakened by 1.0 percent, settling...
Aluminium weakens 0.4% on global cues
Aluminium futures for April eased by INR 0.45, or 0.39%, to INR 102.40 per kg in 866 lots. At the Multi Commodity Exchange, the May contract traded lower by INR 0.40, or 0.38%, to INR 103.90 per kg in 74 lots. Prices fell as speculators reduced their positions. Further, subdued domestic spot...
SMM Morning Review: LME aluminum should fluctuate between USD 1,850-1,890/mt on 18th April
The IMF lowered last night its forecast for global economy for this year and the next. The US March economic indicators were disappointing and demand in China is slack. The ECB may consider cutting interest rate should the European economy shrink again. The euro fell overnight, pushing the US...
Aluminium futures weaken on global cues
Aluminium prices fell by 0.39 per cent to INR 102.40 per kg in futures trading today as speculators reduced their positions amid weak global cues. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in April...
SMM Morning Review: LME aluminum should fluctuate between USD 1,890-1,930/mt on 17th April
According to the US Commerce Department, the country’s building permits were at a seasonally adjusted annual rate of 902,000 in March, falling short of forecasts. However, this was offset by upbeat housing starts in March, which surged to the highest level since June 2008 at 1.04 million units....
LME gets requested to list an aluminum brand
The London Metal Exchange said on Monday that it has received an application from Malaysian aluminum producer Daiki Aluminium Industry Sdn. Bhd. to list its DIKM brand for trading under the exchange's aluminum alloy and NASAAC futures contracts. Daiki has an aluminum smelter that is able to produce...
Aluminium LME daily forecast – 15 April 2013
Aluminium broke support at 1887/86 & although we did expect lower prices the break of 1862 lows so quickly was a surprise. There is no sign of a bounce at this stage so continued weakness could take us as far as 1847/44 then 1837/36. It is not worth fighting this down trend so we cannot rule out a...
SMM Morning Review: LME aluminum should struggle between USD 1,825 -1,875/mt on 16th April
China’s slowing Q1 GDP growth dampened market sentiment. This is compounded by a sharp decline of April New York Fed manufacturing index to 3.05 and a third straight monthly drop of April NABH Housing Market Index to 42. Shorts dominated the market due to worries over demand, sending LME aluminum...
