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 be close to USD 1,919.5/mt on 27th Aug: SMM Morning Review
It was reported last Friday that the ECB is considering setting yield band targets under a new bond-buying program. Meanwhile, Fed Chairman Ben Bernanke said in a letter to a Congressional oversight panel that the Federal Reserve has room to deliver additional monetary stimulus, also boosting...
High Aluminum premiums mean less output operating at a loss': R.J. O'Brien
Record aluminum premiums have two major implications for the aluminum market, said R.J. O'Brien & Associates in a commodities research note. "Since the premiums are paid to the smelters, the revenues arising provide some offset to the fall in LME (London Metal Exchange) prices. Thus less production...
LME aluminum to move between USD 1,880-1,910/mt: SMM Morning Review
China and Europe’s weak flash PMI reading for August raised expectations for easing monetary policies in the two regions. Combined with hint of possible QE3 by the US Federal Reserve (Fed), the US dollar extended losses for a fourth straight trading day to 81.221, the lowest for the month. In...
LME aluminum to move between USD 1,860-1,890/mt: SMM Morning Review
According to minutes of latest interest rate meeting released by the Federal Reserve (Fed) overnight, most Fed members expressed the view that they would support the Fed to ease policies if economy fails to grow at a faster pace, which boosted market confidence. In response, the US dollar index...
More production cuts needed for Aluminum price recovery
The aluminum price briefly touched a three-year low of $ 1,827.25 per ton on the London Metal Exchange (LME) last week. It managed to avoid falling off a technical cliff, just, but the pressure is still on, three-month metal already trading as low as $1,830 in early trading yesterday. Analysts are...
Rise in Indian aluminium exports may put pressure on LME price
Aluminum producers outside of China, the world's largest producer of the metal, have been cutting production to counter a drop in Aluminum prices, but traders said this may do little to bolster LME Aluminum if other countries such as India seek to make up for the production shortfall this year....
LME aluminum to move between USD 1,850-1,880/mt: SMM Morning Review
Large-scale reverse repos by the People’s Bank of China on Tuesday raised expectations for more easing policies. Besides, expectations for stimulus policies from the ECB and Fed also helped boost market confidence. As a result, the US dollar index dropped below 82, adding momentum for commodities...
LME aluminum should move between USD 1,820-1,850/mt
The delayed loose monetary policy by the People’s Bank of China, fall of Shanghai Composite Index below 2,100 points as well as renewed worries over the European debt crisis due to rising bad loans of Spanish banks, dampened investors’ confidence. In response, LME aluminum opened lower overnight...
LME aluminum should move between USD 1,820-1,860/mt: SMM Morning Review
The US economic data was mixed overnight. Building permits in the US jumped to four-year high in July and Philadelphia Federal manufacturing activity narrowed contraction in August compared with July, easing market risk aversion. German Chancellor Merkel’s promise to support the euro later in the...
NALCO's 1st quarter profit expected to fall by 38%
National Aluminium Company (NALCO) is set to declare its results for the quarter ended June 2012 on Tuesday. Analysts on an average expect the profit after tax to fall by 38% year-on-year and 17% quarter-on-quarter to Rs 234.3 crore. Net sales are expected to be flat at Rs 1,740 crore during the...
LME aluminum should move between USD 1,845-1,875/mt: SMM Morning Review
The slowing global economy dashed hopes for consumption growth. Coupled with stronger risk aversion overnight, LME aluminum extended losses for a fourth straight trading day and dipped to a low of USD 1,855/mt. Total positions were up 4,345 lots to 711,584 lots. As shorts dominated, LME aluminum...
LME aluminum should move between USD 1,860-1,895/mt: SMM Morning Review
The decline of China’s trade and loans data for July as well as the US Import Price Index increased market concerns over the slowdown of the global economy. In response, total positions of LME aluminum surged 8,402 lots due to short selling. LME aluminum slipped below all moving averages to a low...
LME aluminum should move between USD 1880 - 1900/mt: SMM Morning Review
The release of China’s July CPI and PPI on Thursday raised hopes for further easing monetary policy in China, but whether or not it will be delivered in the short term is hard to tell. The unexpected decline in the US weekly jobless claims pushed up LME aluminum briefly during the European trading...
CME considering aluminum contract to rival LME: sources
CME Group Inc has canvassed traders in recent weeks about the viability of an aluminum contract to rival that of the London Metal Exchange, which has dominated the $80 billion market for decades, industry sources said. The talks are at an early stage, according to two traders who said the CME had...
Aluminum Bookings shoot up at Trafigura unit's UK warehouses
Commodities trading house Trafigura is the latest company to start allowing queues for metal to grow in warehouses monitored by the London Metal Exchange (LME), a practice critics say has tarnished the exchange's role as market of last resort. Latest inventory data from the LME showed that 47,700...
LME aluminum should move between USD 1,890-1,930/mt: SMM Morning Review
Germany’s industrial output fell overnight and DBRS downgraded Spain and Italy’s credit rating, weighing on the euro. Investors are staying cautious as they are awaiting China’s CPI for July to be released on Thursday. LME aluminum regained USD 1,900/mt during the European trading session to a high...
LME aluminum should move between USD 1,880-1,915/mt: SMM Morning Review
Market expectations were running high overnight that the ECB may deliver easing policies soon, pushing LME aluminum to break through the 30-day moving average to a high of USD 1,913/mt during the European trading session. However, as the US dollar index held firm at 82, LME aluminum pared gains at...
LME and Chinese Aluminum Cash Prices drop further
The cash price of primary aluminum experienced the biggest price decline of the day, dropping 1.2 percent on the LME to close at $1,820 per metric ton on August 3, 2012. Also on the LME, the aluminum 3-month price fell 1.2 percent to $1,854 per metric ton. Meanwhile, the Indian aluminum cash price...
