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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Sellers raise grade 226 aluminium alloy prices in Europe
Sellers of standard grade 226 aluminium alloy pushed through some small price increases in Europe this week, backed by stronger metal prices on the LME in active market conditions. A number of diecasters were in the market seeking alloy for January, and in some cases, February too. Larger buyers in...
LME aluminum should move between USD 2,050-2,100/mt on Friday: SMM Morning Review
The Bank of England and European Central Bank (ECB) decided overnight to leave interest rates unchanged. The ECB revised down its economic forecast for the euro zone for the year of 2012 and 2013, increasing market worries and causing the euro to plunge. No progress had been made on the US budget...
LME aluminum should move between USD 2,080-2,120/mt on Thursday: SMM Morning Review
The US ISM non-manufacturing PMI rose slightly in November, but the growth of ADP’s employment data fell short of forecasts, weakening expectations for non-farm payrolls on Friday. The US dollar index staged a rally due to market risk aversion, curtailing gains of commodities. LME aluminum...
LME aluminum should move between USD 2,070-2,100/mt on 5th Dec: SMM Morning Review
The White House rejected the GOP’s proposal aimed at averting the looming fiscal cliff, combined with weak manufacturing PMI in the US, triggering worries over the US economic growth. Despite the decline in the US dollar index, LME aluminum retreated below USD 2,100/mt as shorts took profits at...
LME aluminum should move between USD 2,080-2,130/mt on 4th Dec: SMM Morning Review
China’s manufacturing PMI rose to a 7-month high in November. Risk appetite grew during the European session, pushing commodity prices up. The US November manufacturing PMI declined more than expected, increasing expectations for additional monetary policy easing, sending the US dollar index below...
Complaint over aluminium logjams reaches EU watchdog
The European Union's competition watchdog has received a complaint against owners of metal warehouses for being so slow to release aluminium that it is forcing up prices for manufacturers, a consumer body said. FACE and other consumer sources did not name the warehouse companies concerned in the...
LME aluminum should move between USD 2,090-2,140/mt on 3rd Dec: SMM Morning Review
LME aluminum continued to drift higher last Friday, buoyed by positive economic data in Europe and the US. LME aluminum briefly dipped to an intraday low of USD 2,057/mt after opening at USD 2,060/mt, but later broke resistance at the 60-day moving average all the way to near USD 2,100/mt. Finally,...
US production of aluminium declines in third quarter
The US production of Aluminium declined to 202000 tonnes in the third quarter ending September 2012. The production of Aluminium was marginally lower compared to 216000 tonnes in second quarter this year. United States Geological Survey (USGS) said that the total Aluminium production was down by...
LME aluminum should move between USD 1,980-2,010/mt on 29th Nov: SMM Morning Review
Slow progress over the budget negotiations in the US and the decline of October new home sales released by the US Commerce Department overnight triggered concerns over the debt crisis in the euro zone and US. Investors turned to the safety of the US dollar as a result, curbing the upward momentum...
Aluminium Rises By 1.7 Percent On 26th Nov
Hopes have been very futile for bearish sentiments in November. Aluminium has seen sharp recovery on Monday on account of hopes that Greece will be able to avoid bankruptcy and things will move on industrial front in China. LME three month forward Aluminium prices were driven by these hopes and...
LME aluminum should move between USD 1,970-2,010/mt on 27th Nov: SMM Morning Review
Market risk appetite grew overnight as there was a good chance that the euro zone finance ministers would reach an agreement on approving Greece’s request for another round of bailout funds. As a result, LME aluminum jumped to a high of USD 2,000/mt during the European session before finally ending...
Aluminium hovers near key resistance
In this week's commodity dissector, we take a close look at aluminium traded in London Metal Exchange. Its unit is measured in USD/MT. For this technical analysis, LME primary aluminium 3 month rolling forward has been taken. It closed at $1,983, gaining $38.5 or almost 2 per cent on Friday....
LME aluminum should move between USD 1,950-1,990/mt on 26th Nov: SMM Morning Review
News had it last Friday that disagreement between the IMF and EU over Greece’s request for another round of bailout funds narrowed and that consensus was likely to be reached in the short term, helping the euro stage a strong rebound and driving the US dollar index down to near 80. Although LME...
Aluminium stocks hit record 5.17m tonnes on LME
Inventories of aluminium registered by the London Metal Exchange (LME) rose on Tuesday to an all-time record of 5.17 million tonnes in a market with a structural surplus. Stocks have surged since the 2008 financial crisis as banks spotted money making opportunities from financing deals that...
LME aluminum should move between USD 1,930-1,950/mt on 23rd Nov: SMM Morning Review
HSBC flash China manufacturing PMI jumped to 50.4 in November, a 13-month high. However, investors remained wary of buying at higher prices. Thin trading was reported in LME market during the European session as the US stock markets were closed for the Thanksgiving Day. The decline of the US dollar...
UC Rusal highlights key issues in the global aluminium industry at Arabal
Oleg Mukhamedshin, Deputy CEO of UC Rusal, the world's largest aluminium producers, spoke at the 16th Arab International Aluminium Conference (Arabal) highlighting some of the key issues and opportunities in the global aluminium industry. Despite a steady increase in global aluminium consumption,...
LME aluminum should move between USD 1,900-1,950/mt on 22st Nov: SMM Morning Review
Greece failed to secure another round of bailout funds, aggravating worries over the European debt crisis and driving commodities down. The US economic data came in mild. The University of Michigan’s consumer sentiment for November was lower than estimates and preliminary reading, causing market...
More Regulation Needed To Solve LME Warehouse Queues
The London Metal Exchange's latest proposal to address the issue of long queues for delivering metal out of its warehouses should go some way to easing the effect of aluminum and zinc bottlenecks on other metals, but more could be done to further improve the situation, Barclays said Monday. Last...
