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...
Aluminium tariffs, not Trump’s alcohol ban, are the bigger threat to BC brewers
The escalating US-Canada trade conflict is putting pressure on the US alcohol industry from two directions. The BC wine and beer industry is facing fresh uncertainty as the US President Donald Trump proposed to block most Canadian alcoholic beverage imports from September 29, 2026. While British...
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Aluminium up 0.1% on global trends
Aluminium prices today rose marginally by 0.18% in futures trade mostly in line with a firming trend in global markets. Besides, increased demand at domestic spot markets also influenced prices. At the Multi Commodity Exchange, aluminium for delivery in November rose by 20 paise, or 0.18%, to INR...
AWC’s profit improved marginally during the third quarter
The USD 67 million alumina segment result for Alcoa, a proxy for Alumina Ltd, or AWC’s, profit, improved marginally on the second quarter’s USD 64 million profit, and was meaningfully better than the previous corresponding period’s loss. Compared with second-quarter 2013, the Australian dollar fell...
Goldman Sachs cuts its price targets for aluminum
Goldman Sachs cut its price targets for aluminum to $1,800, $1,750 and $1,750 per metric ton on a three-, six- and 12-month horizon. The bank previously looked for $1,850, $1,900 and $2,000, respectively. “Driving these aluminum forecast revisions is the lack of a sufficient supply response to low...
LME aluminum stocks jump most in a year as financing continues
Aluminum inventories tracked by the London Metal Exchange jumped the most in more than a year, following a gain in zinc stockpiles, amid continued appetite to use industrial metals in so-called financing transactions. Stocks of aluminum rose 1.5 percent, the most since Sept. 13, 2012, to 5.42...
Orbite updates market on its financing initiative
Orbite Aluminae Inc. updates the market on its ongoing financing initiatives. Orbite confirms its Short Form Prospectus dated July 15, 2013 has since expired and was not renewed or extended by the Corporation. Orbite management reconfirms that it is actively focused on completing an offering within...
Rusal Plans to continue aluminum output cuts in 2014
The world's largest aluminum producer, United Co. Rusal PLC, said Thursday that it plans to continue its steep production cuts in 2014 as global markets remain heavily oversupplied. The company said it expects to reduce output by 647,504 tons next year as it continues to feel the impact of the full...
Norsk Hydro launches $1.5 bln loan refinancing
Norwegian aluminium company Norsk Hydro has launched syndication of a $1.5 billion loan to refinance an existing undrawn $1.7 billion facility that is due to mature in July 2014, banking sources said on Wednesday. The financing is for five years with two one-year extension options. BBB/Baa2 rated...
"Low cost production areas will be the growth areas in the near term: The Simonsen Brothers"
“We do not think there will be any dramatic change in the LME situation in the near term…But I must say that the low cost production areas will be the growth areas…” Mr. Morten Simonsen, Managing Director, Mr. Klaus Simonsen, Technical Director, Simonsen, Denmark. AlCircle Team had the opportunity...
Ohio governor blames weak global aluminum market for Ormet bankruptcy
Ohio Governor John Kasich suggested Monday that bankrupt Ormet Corp.'s troubles are tied mainly to the weak global aluminum market, and that the state has provided more than its share of financial aid to the embattled US aluminum producer. Kasich, a first-term Republican, did not respond...
China’s Alumina imports climb in September
China’s alumina imports climbed sharply in September on lower overseas prices, as foreseen by Shanghai Metals Market earlier. Inbound shipments of the raw material rose by 211.7% from a month ago to 450,000 tonnes in last month, data from Chinese customs office showed over the weekend. They were...
Rusal lobbies for no change to LME warehouse rules
Russia's United Company Rusal, the world's largest aluminium producer, is urging the London Metal Exchange to leave its controversial warehousing rules unchanged or risk damaging the whole market, Deputy CEO Oleg Mukhamedshin said on Tuesday. The LME, the world's biggest marketplace for industrial...
Hindalco Industries witnessed a rise of over 44 per cent in less than three months
Aluminium major Hindalco Industries witnessed a phenomenal rise of over 44 per cent in less than three months along with other metal counters. The rally has been mainly due to reports of pick up in economic activity in China and hopes of recovery in the US and Europe. According to analysts,...
Glencore has the monopoly in Venezuela's aluminium market
Glencore, one of the global giants in commodities trading, buys Venezuelan aluminum in dollars but also in Venezuelan bolivars, at the official exchange rate, the most favorable. How does it do it? Glencore's representatives in Venezuela buy most of the aluminum the Venezuelan Corporation of...
Century Aluminum price target cut by Morgan Stanley
Equities research analysts at Morgan Stanley reduced their price objective on shares of Century Aluminum from $10.00 to $9.00 in a research note issued to investors on Monday, AnalystRatings.NET reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price...
Brazil’s aluminium output down 7.8% in August
Brazil’s aluminium output fell 7.8% year-on-year in August with high domestic energy costs and low metal prices discouraging new investments in primary production. Production stood at 111,600 tonnes in August, compared with 121,000 tonnes in the same month in 2012, according to figures released by...
ALSCON loses $1.6m monthly to high production cost
The Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi Local Government Area of Akwa Ibom says it is losing 6.1 million US dollars monthly due to high cost of production. Mrs Tatyana Smirnova, its Director of Public/Government Relation, disclosed this to the News Agency of Nigeria (NAN) on...
Aluminium Bahrain sales soar 4.2% in Q3 2013
Aluminium Bahrain B.S.C (Alba) continues to maintain a positive momentum in Q3 2013 with sales figures up by 4.2% year-on-year to reach 227,758 metric tonnes (mt) versus 218,507 mt in Q3 2012 while production figures increased by 10,377 mt to reach 230,058 mt as compared to the same period of 2012....
North American aluminum shipments to slow this year
North American aluminum shipments are set to slow considerably this year, with an expected increase of 1% over 2012 levels, according to researcher Lawrence Capital Management. In a report released Thursday, the researcher said it is expecting shipments to hit 23.4 billion lb, following a rise of...
