LME aluminium cash bid price drops 2.06% to $3,273/tonne as stocks decline to 244,350t
LME aluminium prices recorded a sharp decline on September 11 compared with the previous trading day, with cash and three-month prices falling by around 2%, while exchange stocks edged lower. The LME aluminium cash bid price slipped to USD 3,273 per tonne on September 11, compared with USD 3,342...
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...
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LME aluminum should fluctuate between USD 1,950-1,990/mt on 14th March 2013 : SMM Morning Review
The industrial output in the euro zone fell 0.4% MoM in January, missing forecasts and dampening market sentiment. Despite a 1.1% MoM growth in the US retail sales in February, the US dollar index jumped above 83, weighing down base metals prices. LME aluminum rose to challenge resistance at USD...
LME aluminum should fluctuate between USD 1,950-1,990/mt on Wednesday: SMM Morning Review
Markets are cautious ahead of the release of US February economic indicators due later this week. Shorts liquidated positions to avoid risks after the US dollar index plunged overnight, helping LME aluminum regain support at near the 10-day moving average and hit a high of USD 1,986.8/mt. LME...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,940-1,970/mt on 12th March
It was announced last Friday that China’s CPI hit a 10-month high in February. The Fitch Ratings downgraded Italy’s credit rating due to unstable political situation in the country following the general election. These negative news drove LME aluminum down to USD 1,935/mt during early European...
SMM Morning Review: LME aluminum will fluctuate in the band of USD 1,940-1,970/mt on 11 March 2013
The US announced last Friday that its nonfarm payrolls increased by 236,000 and unemployment rate declined to 7.7%, both better than expected. However, improvement in labor market rekindled worries that the Federal Reserve may end QE3 early, driving the US dollar index up to near 83 and curtailing...
LME aluminum should fluctuate between USD 1,930-1,980/mt on 7th March: SMM Morning Review
Base metals consumption in China was tepid, and the euro zone revised its 4Q GDP to -0.9%, offsetting positive news from forecast-beating US ADP employment in February. As such, the US dollar index climbed to 82.604 overnight, causing LME aluminum to tumble below USD 1,950/mt to the lowest for the...
LME aluminum should fluctuate between USD 1,960-2,000/mt on 6th March: SMM Morning Review
Premier Wen said in his government work report yesterday that the Chinese economy will grow by 7.5% in 2013, boosting market confidence on stabilizing economy. Later, the US announced that ISM non-manufacturing PMI advanced to 56 in February, similarly improving market sentiment. As such, LME...
LME aluminum should fluctuate between USD 1,950-2,000/mt on 4th March: SMM Morning Review
Worse-than-expected economic figures from the euro zone and expectations for lower interest rate in the region pushed the euro down against the US dollar. February manufacturing PMI in the US suggested that the US economy is continuing to recover, driving the US dollar index above 82 and weighing...
LME aluminum should fluctuate in the band of USD 1,980-2,030/mt on 1st March: SMM Morning Review
The final reading of Spain’s 4Q GDP shrank 1.9% YoY. The 4Q GDP of the US was revised to a meager 0.1% growth, but still fell short of expectations. Growing worries over economy in Europe and the US, coupled with a lack of progress on negotiations over automatic spending cuts in The US, helped the...
LME aluminium to rebound to $2,056
LME aluminium is expected to rebound to $2,056 per tonne, as it has completed a wave 3. This is the third wave of a five-wave cycle that started at the Feb. 20 high of $2,129.50, and it has completed after travelling a distance exactly 1.618 times the length of the wave a, as indicated by a...
LME aluminum should fluctuate between USD 2,010-2,050/mt on 27th Feb: SMM Morning Review
The US new home sales rose to 437,000 annual rate in January, beating forecasts. Besides, the US Consumer Confidence index also rebounded appreciably in February and Richmond Fed manufacturing index jumped into positive territory in February. These positive figures eased market worries. However,...
Aluminum Prices Post Biggest Weekly Decline in 14 Months
Aluminum fell, capping the biggest weekly drop in 14 months, on signs that increasing output in China will add to a global glut. Global output increased 5.7 percent in January from a year earlier to 3.917 million metric tons, the International Aluminium Institute said Feb. 20. Chinese production...
LME aluminum should fluctuate between USD 2,030-2,070/mt on 25th Feb: SMM Morning Review
The European Commission predicted last Friday that the euro zone’s economy will shrink 0.3% in 2013, down from its earlier forecast. The ongoing general election in Italy will add uncertainties to the European economy. As a result, the US dollar rose against the euro, causing LME aluminum prices to...
Chinese Aluminium Inventory Reached New High
Due to the over speed of supply growing rate, Chinese main trade area’s aluminium inventory estimated to reach new high in record. This will intensify the over supply of non-ferrous situation in the world. According to research of four cities, the inventory of aluminium has risen to 1.11 million...
LME aluminum should fluctuate between USD 2,050-2,090/mt on Friday: SMM Morning Review
Fears that the US Federal Reserve may stop bond buying sooner than expected continued to negatively affect markets. Besides, February manufacturing PMI from the US and euro zone fell short of forecasts and US initial jobless claims rose again, increasing worries over global economic outlook....
LME Prices of Aluminum Declines in the scrap metal market
Current Aluminum Prices Following two days of increases on the LME, the aluminum cash price dropped by 1.7 percent to end at $2,086 per metric ton on Feb. 19, 2013. The aluminum 3-month price changed direction with a 1.6 percent drop. After two days of improving prices, the metal finished at $2,130...
LME aluminium to fall to $2,066
LME aluminium is expected to fall to $2,066 per tonne, with a good chance of extending its loss to $2,056. A head-and-shoulders has been confirmed, pointing to a target at $2,000, which looks too aggressive now. A more realistic target will be $2,066, the 76.4 percent Fibonacci retracement on the...
LME aluminium to hover above $2,104
LME aluminium is expected to hover above a support at $2,104 per tonne for one trading session before falling again. The support is provided by the 50 percent Fibonacci retracement on the rise from the Jan. 29 low of $2,033 to $2,174, blocking the way towards $2,087, the 61.8 percent level. A...
LME aluminum should fluctuate between USD 2,070-2,110/mt on 21st Feb: SMM Morning Review
US housing starts declined in January, but building permits rose to the highest level since June 2008. Besides, the January PPI in the US grew for the first time in four months. Nevertheless, the January meeting minutes released by the US Federal Reserve show that some members of the Congress...
