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 within USD 1,860-1,890/mt: SMM Morning Review
Market confidence was greatly boosted, as markets were digesting the positive US nonfarm payrolls and as the big drop of bond yields of Spain and Italy helped cut borrowing costs in the two countries. The US dollar index tested support at 82, pushing LME aluminum to rebound. LME aluminum broke...
LME aluminum should move within a price range of USD 1,850-1,875/mt: SMM Morning Review
The US nonfarm payrolls for July released last Friday surged 163,000, beating forecasts and boosting market confidence. As a result, the US dollar index pared early gains, down by 1.20%. LME aluminum gained more momentum for a rebound during the European trading session to touch a high of USD...
LME aluminum to move within USD 1,885-1,910/mt: SMM Morning Review
The markets were eyeing the interest rate meeting by the Fed and ECB overnight, raising high expectations on whether the ECB would deliver concrete measures to solve the debt crisis. The July Chicago PMI index and CCI by the Conference Board released later beat forecasts. However, Germany rejected...
LME aluminum price sees small hike
On July 27, 2012, the day’s biggest mover was the LME aluminum cash price, which saw a 1.4 percent increase to $1,865 per metric ton. On the LME, the 3-month price of aluminum increased 1.4 percent to $1,897 per metric ton. The cash price of primary Indian aluminum changed direction with a 0.8...
LME aluminum should struggle between USD 1,885 to1,910/mt: SMM Morning Review
The Fed and ECB will hold interest rate meeting later this week, raising expectations for loose policies again. Investors stayed cautious ahead of the soon-to-be-released important economic data form China and the US, causing LME aluminum to move narrowly overnight. LME found support at the 5-day...
LME aluminum should struggle within USD 1,885-1,910/mt: SMM Morning Review
The rebound in euro last Friday and the far-better-than-expected GDP in 2Q in the US pushed LME aluminum to extend gains during the European trading session. LME aluminum regained USD 1,900/mt at the tail of trading, but met strong resistance at the 20-day moving average. Coupled with trading...
LME aluminum is expected to move within USD1,860-1,895/mt: SMM Morning Review
European Central Bank President Mario Draghi said Thursday the bank will do what is needed to protect the euro zone, easing investor worries towards European debt and pushing the euro and metals prices higher. The much better-than-expected US June durable goods orders also injected some fuel, with...
Nalco may lose Rs 300 crore due to 5% idle capacity
State-owned aluminium maker Nalco is likely to take a Rs 300-crore hit on annual revenue as it is forced to keep five per cent of production capacity idle due to lower metal price and shortage of coal. “We kept idle 10 per cent of our total 4.6 lakh smelting capacity due to inadequate coal supply...
LME aluminum to move within USD 1,860-1,890/mt: SMM Morning Review
An ECB official expressed support for the European Stability Mechanism to get a banking license so as to borrow from the European Central Bank to help solve the region’s debt crisis. This pushed the euro to the 5-day moving average and LME aluminum to a high of USD 1,893/mt. The disappointing and...
Aluminium prices may fall further: Sucden Financial
Aluminium prices may have further to fall as sentiment continues to become more bearish on the eurozone debt crisis and slower economic growth in the US, Sucden said in its quarterly metals report Wednesday. The brokerage said that there were a lot of "cross currents" affecting the aluminium market...
LME aluminum to move between USD 1,850-1,880/mt: SMM Morning Review
Spain’s continually climbing borrowing costs, which has stirred worries that the nation may need all-round aid, and reports of manufacturing contractions in both the U.S. and Europe overshadowed the rebound of HSBC China Manufacturing PMI. LME aluminum closed down USD 8.5/mt or 0.45% at USD...
Hydro's 2012 second quarter earning falls due to weak market
Hydro's underlying earnings before financial items and tax amounted to NOK 549 million in the second quarter, compared with NOK 557 million in the previous quarter. As Hydro reported, the weak quarterly results reflect low aluminium prices and a challenging macro-economic environment, while...
LME aluminum is expected to hover within USD 1,850-1,890/mt: SMM Morning Review
Spanish 10-year debt yields surged to 7.45%, a euro-era high, on Monday, adding to worries that the nation may need all-round aid. Rumors flew that IMF may suspend Greek aid and that Germany will also abandon the nation, increasing Grexit risks and exacerbating the European debt crisis at large....
Front end spreads tightening for LME Aluminum: Barclays
Front-end aluminum spreads are continuing to tighten on the London Metal Exchange, which is bucking the trend seen in other base metals, according to Barclays Capital in a commodity research note. The most recent close for front-end aluminum spreads was a contango of just over $26 a metric ton,...
LME aluminum should move between USD 1,915-1,950/MT: SMM Morning Review
The US dollar index was pressured at 83 as a string of weak economic data from the United States – new unemployment claims climbed sharply, NAR existing home sales dropped 5.4% after seasonal adjustment, the Philadelphia Fed manufacturing index weakened further to negative 12.9 – and increasing...
Bargain hunting helps Aluminium to buoy at MCX: Dani Commodities
Dani Commodities has come out with its report on MCX Aluminium, Gold, Silver, Copper, Lead, Zinc, Nickel, Crude Oil and Natural Gas. According to the research firm, Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg....
Copper, aluminium recover slightly in Indian market
Copper and select aluminium prices recovered modestly in an limited non-ferrous metal market here today on fresh stockist buying amidst good demand from industrial users influenced by higher London Metal Exchange (LME) cues. The industrial metals rose at the LME following stronger housing data from...
Hindalco with a target price of Rs 164 rated' Buy' rating by Citigroup
Citigroup has maintained its 'Buy' rating on Hindalco with a target price of Rs 164. Hindalco has underperformed the Sensex by 24% in the past year on plant delays, weak LME prices and Mahan coal block uncertainty. PAT gains in both years were from higher realizations; lower depreciation and...
