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 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...
Aluminium LME daily forecast – 12 April 2013
Aluminium broke support at 1894/93 as feared to test & hold the next level of 1887/86. Failure here today however keeps the pressure on for 1877/76. We could start to look over sold in the short term here & with the daily chart showing more positive signals this could be a good buying opportunity...
Indian, Chinese, and LME aluminum prices at odds
The cash price of primary Indian aluminum saw a 1.2 percent drop on April 11, 2013, making it the biggest mover of the day on MetalMiner’s price index. On the LME, the cash price of primary aluminum rose 1.0 percent to $1,878 per metric ton. On the LME, the aluminum 3-month price gained 0.9 percent...
SMM Morning Review: LME aluminum should fluctuate between USD 1,880-1,920/mt on 12th April
The US Labor Department announced overnight that US initial jobless claims dropped more than expected to 346,000 in the week ended April 6, boosting confidence over recovery in the country’s jobs market. A weaker US dollar also offered support to the low-end price of commodities. Nevertheless, LME...
MCX aluminium trading at INR 102.05-103.15 per kg
Aluminium prices at India’s Multi Commodities Exchange witnessed a bearish phenomenon. The April Contract is now trading around 102.05-103.15 INR/kg levels. Release on Euro zone Consumer Prices Index and U.S Jobless claims is likely to be announced may pressurize base metal pack. Aluminium settled...
Aluminium LME daily forecast – 11 April 2013
Aluminium failed below our target of 1929 & pulled back below 1914/13 risking a test of good support at 1894/93. A bounce from here should struggle at 1913/14 but a push through 1917 could allow another test of 1926/29 resistance. Above here at 1935/36 we should run out of steam so may be worth...
Rusal estimates aluminium output to cut by 3%
Rusal official says more aluminum-production cuts are needed to cut record-high inventories. Rusal estimates 1.5 million metric tons of supply should be cut. A 3% reduction in global output could bring LME stocks to pre-2008 levels in two or three years, according to Rusal official. About 1.5...
SMM Morning Review: LME aluminum should struggle between USD 1,880-1,920/mt on 11th April
China reported trade deficit in March, but metal imports actually fell sharply. The minutes of the US Federal Reserve (Fed)’s March meeting indicate that FOMC members debated over whether the Fed should slash the scale of asset purchases and bring quantitative easing to an end before the end of...
SMM Morning Review: LME aluminum should fluctuate between USD 1,900-1,930/mt.on 10th April
China announced yesterday its March CPI climbed 2.1% YoY, better than expected, but its PPI declined 1.9% YoY, pointing to negative growth for a 13th straight month and constraining upside space of commodity prices. The US dollar index was mired during the European trading session, helping LME...
LME aluminium rebound to end around $1,909
LME aluminium is expected to edge up to a resistance at $1,909 per tonne, only a break above which could lead to a further gain to $1,920. The resistance is provided by the 50 percent Fibonacci retracement on the fall from the March 25 high of $1,956 to $1,862.75. It seems the rebound from...
China’s aluminum over-production irks Indian manufacturers
Indian aluminum producers are worried that China is not moving fast enough to stop the overproduction of aluminum – a factor, they say, that is stopping the price of aluminum staying above the US $2,000 per ton mark on the London Metal Exchange (LME). Those in the aluminum business, such as NALCO...
SMM Morning Review: LME aluminum should move within USD 1,850-1,895/mt on 8th April
The US March nonfarm private sector employment shown in the ADP National Employment Report missed forecasts. Besides, weekly initial jobless claims rose significantly. Discouraging as they may be, these employment figures mean the US Federal Reserve will continue its QE3. LME aluminum sank to USD...
Aluminium futures down on weak global cues
Taking weak cues from global markets, aluminium prices fell by 0.24 per cent, to INR103.60 per kg in futures trading today as speculators offloaded their positions. Besides, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for...
Downward price index trend due to sluggish demand of aluminium
The monthly Aluminium MMI clocked in at 93 in April, a drop of 1.1 percent from 94 in March. This index has been on an uneven decline since the beginning of 2013 – matching its all-time low, first reached in August 2012 – and this month’s fall comes primarily from LME and Indian aluminium prices....
Aluminum breaks below key support at 1900 a metric ton
Three-month aluminum falls to October 2012 lows in Asian trading on the London Metal Exchange, with a break below major psychological support at 1,900 a metric ton likely to spur further selling later in the day. Aluminum is trading at 1,897.75/ton, down 0.3% from its previous settlement as prices...
SMM Morning Review: LME aluminum should move within USD 1,860-1,900/mt on 3rd April
The manufacturing PMI in the euro zone fell in March from the previous month, and pointed to contraction for 20 months in a row. Coupled with shrinking manufacturing in Germany and France, worries over the European debt crisis pushed the US dollar index up to challenge resistance at 83. As a...
LME aluminium may drop to $1,875
LME aluminium is expected to slide to $1,875 per tonne, as it has broken below a support at $1,906. The support was provided by the 61.8 percent Fibonacci projection level of the wave (3)-3, which developed from the March 25 high of $1,956. The next support will be at $1,875, the 100 percent...
SMM Morning Review: SHFE 1306 aluminum contract has a low opening at RMB 14,600/mt on 29 March
The United States Labor Department announced overnight that initial jobless claims in the week ending March 23 rose to 357,000, falling short of market expectations. The Chicago PMI index was 52.4 in March, down 4.4 points from February. Coupled with worries over the European debt crisis, all base...
