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 2,015-2,065/mt on 11th Sep: SMM Morning Review
China’s imports were down as much as 2.6% YoY in August and above-scale industrial added value dropped 0.3 percentage points, highlighting aggravated downward risks of the Chinese economy and raising expectations for policy easing by the People’s Bank of China. Downbeat US nonfarm payrolls in...
Alcom Shares rebounded to 83 sen on 12th Sept
Shares of Aluminium Company of Malaysia Bhd (Alcom), rebounded to end the morning session on Wednesday unchanged at 83 sen, after falling as much as 32.5% to 56 sen. At midday, there were 15,000 shares done at price ranging 56 sen to 83 sen. Alcom's revenue declined 2.3% to RM75.8mil in the first...
Scrap aluminum wheel prices in line with LME
Scrap aluminum wheel prices have moved back in line with those on the London Metal Exchange after trading at a premium for much of the year, with one trader claiming that the recent surge on the LME has boosted availability. Free-market transaction prices for wheels are now in the range of 96 to 98...
Aluminum scrap sellers hold as LME price rises
Aluminum scrap buyers are still encountering resistance from scrap dealers in securing material, with many sellers now believed to be waiting for London Metal Exchange prices to move closer to $2,200 per tonne. Buyers have reported over the past few months that many dealers have held on to swathes...
LME aluminum should move between USD 2,000-2,050/mt on Monday: SMM Morning Review
According to the US Labor Department, the US nonfarm payrolls increased by a seasonally adjusted 96,000 jobs in August, far lower than forecasts, raising market expectations for easing monetary policy in the Fed interest rate meeting due on September 12. In this context, the US dollar index dived...
LME aluminum should move between USD 1,950-1,980/mt on 7th Sept: SMM Morning Review
According to the ECB meeting overnight, the ECB will leave interest rates unchanged and agreed on unlimited purchases of government bonds. The ECB, however, expressed pessimism over the economic outlook of the euro zone over the next two years. The US ADP survey indicates that the jobs created were...
LME Lists High Grade Primary Aluminum Brand AAR
The London Metal Exchange said Wednesday it has approved the listing of high-grade aluminum brand AAR, which it said constitutes good delivery with immediate effect, the LME said. The brand is produced by Canada-based Rio Tinto Alcan Inc. at the Arvida Works 1955 plant in Quebec, Canada, which has...
Monthly Aluminum Price Index Increases 1.1% in September
The monthly Aluminum MMI registered a value of 94 in September, an increase of 1.1 percent from 93 in August. “Though certainly not setting the world on fire, aluminum has shown some surprising strength this past month for a couple of reasons,” said Lisa Reisman, managing editor of MetalMiner....
LME aluminum should move between USD 1,940-1,980/mt on 6th Sept: SMM Morning Review
It was reported overnight that the ECB is drafting a bond-buying plan, which involves unlimited and sterilized purchases of government bonds maturing in three years or less, boosting market confidence in Thursday’s ECB meeting to solve the European debt crisis The US dollar index fell as a result,...
London Clearing house to reduce LME metals margin rates
London Clearing house LCH.Clearnet is reducing its margin rates for the London Metal Exchange's copper, primary aluminium, aluminium alloy, North American alloy, nickel, lead, zinc and molybdenum contracts, effective September 7, LCH said Tuesday. The rate covers the market risk the clearing house...
LME aluminum should move between USD 1,915-1,955/mt on 5th Sept.
The US ISM manufacturing PMI for August was 49.6 overnight, far below forecasts and the lowest since July, 2009. Manufacturing PMI of global three largest economies pointed to contraction in August, rekindling market apprehension over the global economy and helping the US dollar index rebound....
LME aluminium target lowered to $2,056
A previous bearish target at $2,063 has been lowered to $2,056 per tonne for LME aluminium as a downtrend that developed from $2,199 has resumed. The trend is driven by a downward wave (c), unfolding towards its 61.8 percent Fibonacci projection level at $2,056, which is based on the length of the...
LME aluminium targets $2,161
LME aluminium would rise to $2,161 per tonne, driven by a wave (3). The rise on Thursday has reversed the fall from the Tuesday high of $2,140 to such an extent that there is a remote chance of the fall to resume and the waves on the hourly chart have to be relabelled, with the rise classified as a...
3-Month Price of LME Aluminum saw a 0.7 percent decline
On Aug. 30, 2012, the day’s biggest mover on our aluminum price index was the aluminum 3-month price, which saw a 0.7 percent decline on the LME to $1,896 per metric ton. The cash price of primary aluminum weakened by 0.5 percent on the LME, settling at $1,872 per metric ton. The Indian aluminum...
Chinese, Indian and LME Aluminum Prices Up on Weekly Aluminum Price Index
The week’s biggest mover on the weekly Aluminum MMI® was the aluminum cash price, which saw a 2.4 percent increase on the LME to $1,872 per metric ton. The aluminum 3-month price rose 1.5 percent on the LME this week, closing out the third week at $1,896 per metric ton. The cash price of primary...
LME aluminum should move between USD 1,860-1,900/mt on 3rd Sept : SMM Morning Review
US Federal Reserve Chairman Bernanke said in central bank meeting last Friday that US unemployment rate remained high and the Fed would take measures to help economic recovery if necessary. Expectations for easing policies remain. In response, LME aluminum broke through USD 1,900/mt to a high of...
LME aluminum should move between USD 1,875-1,910/mt on 30th Aug: SMM Morning Review
Markets are cautious about whether or not Federal Reserve Chairman Bernanke will signal QE3 in his speech on Friday. This is because final reading of the US 2Q GDP was upwardly revised overnight and July pending home sales index was far better than forecasts, adding hurdle to the introduction of...
LME aluminum should move between USD 1,900-1,925/mt on 29th August: SMM Morning Review
Markets are eyeing Federal Reserve Chairman Bernanke’s speech due this Friday, which may signal QE3. However, mixed data of the US overnight casted doubt on whether easing policies can be introduced. Investors are awaiting bond-buying measures from ECB’s policy meeting due on September 6 to ease...
