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 move between USD 2,050-2,090/mt on 27th sept: SMM Morning Review
Aid to Spain and Greece met resistance, aggravating the debt crisis in the euro zone. The downbeat US new home sales for August also added to concerns. In this context, risk aversion grew, pushing the US dollar index up to 80 and weighing down commodities. LME aluminum lacked upward momentum in...
LME aluminium targets $2,315 in three months
LME aluminium would rise to $2,315 per tonne over the next three months, as a short-term uptrend from the Aug. 16 low of $1,827.25 has not completed. This trend will partially reverse a preceding downtrend that developed from the May 3, 2011, high of $2,803 to $1,827.25. Two waves labelled a and c...
LME aluminium may break below USD 2120 and fall to USD 2071
Reuters reported that LME aluminium will test a support at USD 2,120 per tonne with a good chance to break it and fall more to USD 2,071. The correction from the September 14 high of USD 2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from USD 1,864 to USD 2,199 this...
LME aluminum should move between USD 2,080-2,130/mt on 21th Sept: SMM Morning Review
Weak manufacturing flash PMI of China and the euro zone for September raised worries over slack global demand for base metals. In response, LME aluminum tumbled to a low of USD 2,100/mt at the tail of Asian session. LME aluminum was deprived of upward momentum due to short selling following the...
Rise in LME price expected to boost Aluminum shipments in North America
A continued run-up in the London Metal Exchange aluminum price and the Federal Reserve’s recent decision to extend quantitative easing could boost aluminum shipments from North American distributors in the coming months, market sources said. "I’m optimistic for the next few months. The metal...
LME aluminium may break below $2,120 and fall to $2,071
LME aluminium will test a support at $2,120 per tonne, with a good chance to break it and fall more to $2,071. The correction from the Sept. 14 high of $2,199 has not completed. Based on a Fibonacci retracement analysis on the rise from $1,864 to $2,199, this correction may have depth at $2,071,...
LME aluminium still targets $2,120
A bearish target at $2,120 per tonne remains unchanged for LME aluminium as a correction from $2,199 has not completed. The correction is labelled as a wave 4 which may travel to $2,071, the 38.2 percent Fibonacci retracement on the rise from $1,864 to $2,199. This wave 4 will consist of three...
Gaining streak continues for LME aluminum cash price
On Sept. 17, 2012, the cash price of primary aluminum experienced the biggest change on MetalMiner’s aluminum price index, rising 4.6 percent on the LME to $2,176 per metric ton. The aluminum 3-month price on the LME has been on the rise for 10 days and is now at $2,175 per metric ton. The cash...
LME aluminum should move between USD 2,120-2,170/mt on 19th Sept: SMM Morning Review
Market focus has shifted to the global economy. Spiraling borrowing costs of Spain and Greece’s possible exit of the euro zone have rekindled apprehension over the European debt crisis. In this context, the euro dripped, pushing the US dollar index above 79. Trading volumes of LME aluminum were...
Aluminum prices climbing up sharply
As the Public Service Commission weighs Century Aluminum's request for a special power rate tied to the price of aluminum, global prices have turned sharply higher. Aluminum prices have surged nearly $400 per ton in recent weeks as European and U.S. central banks have announced plans to stimulate...
LME Cash and Chinese Scrap Prices up on Weekly Aluminum MMI Index
The week’s biggest mover on the weekly Aluminum MMI was the cash price of primary aluminum, which saw a 7.6 percent increase on the LME to $2,074 per metric ton. This week marked the third in a row of rising prices for the metal. Closing out the third week of rising prices, the aluminum 3-month...
LME aluminium extremely overbought, may come down to $2,148
LME aluminium has been extremely overbought, and is poised to retrace to $2,148 per tonne. The metal has briefly pierced above a resistance at $2,184, the 338.2 percent Fibonacci projection level of an upward wave 3. Its failure to stand firm above this level indicates a false break. The resistance...
LME aluminum should move between USD 2,130-2,190/mt on 17th Sept: SMM Morning Review
The US dollar index retreated below 79 for consecutive days due to the introduction of QE3. In response, LME aluminum jumped to a high of USD 2,199/mt during European session, the highest since March, 27. Trading volumes also shot up. Finally, LME aluminum ended the day up USD 74/mt or 3.49% to...
LME aluminum price expected to rise in 2013
The London Metal Exchange aluminum cash price to average $1.08 per pound in 2013 and continues increasing, while warehouse stock financing will maintain profitable through 2014, according to Davenport & Co. Davenport analyst Tim Hayes said Wednesday at the ISRI Commodities Roundtable Forum in...
Aluminium biggies call for a change in LME warehouse rules
Two of the world’s largest aluminium producers have called for a shake-up of the London Metal Exchange’s warehousing rules, a move that could end a lucrative trading opportunity that has benefited banks and trading houses such as Goldman Sachs and Glencore. The call will put pressure on Hong Kong...
LME aluminum should move between USD 2,090-2,040/mt on 14th sept: SMM Morning Review
Market focus shifted to the Fed’s decisions in its interest meeting overnight. The Fed announced QE3 in order to maximize employment in a context of price stability and to promote a stronger economic recovery. The Federal Reserve will purchase $40 billion a month in mortgage-backed securities until...
Gaining Streak continues for LME aluminum cash price
With a 2.2 percent increase over the past day, the cash price of primary aluminum was the biggest mover on the LME, closing at $2,032 per metric ton on Sept. 11, 2012. Also on the LME, the aluminum 3-month price rose 2.1 percent to $2,037 per metric ton. The Indian aluminum cash price has been on...
LME aluminum should move between USD 2,060-2,100/mt on 13th Sep: SMM Morning Review
Germany’s Constitutional Court overnight ratified the bailout fund by the European Stability Mechanism (ESM) under condition that German liability in the rescue fund must be limited to 190 billion euros and that both chambers have the right to be consulted on the ESM's activities. In response, the...
