Macro rate hike expectations bring periodic pressure, while destocking in China provides solid bottom support
Futures: The most-traded SHFE aluminium contract opened at RMB 24,310 per tonne in the night session on September 10, reached a high of RMB 24,310 per tonne and a low of RMB 24,075 per tonne, and closed at RMB 24,125 per tonne, down RMB 365 per tonne or 1.49 per cent from the previous close....
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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Oversupply affecting Alcoa and Rusal’s earnings
Over-production is literally bankrupting UC Rusal, Alcoa and other aluminum producers. The Russian producer Rusal recently reported a first half 2013 loss of $439 million, versus a breakeven position last year, nominally a $1 million profit. Revenue for the six months to June 30 fell 8.8%...
North American aluminum demand down through H1
US and Canadian aluminum demand, defined as shipments by domestic producers and imports, reached an estimated 12.157 billion lb in the first half of 2013, 0.3% less than that of the same period last year, according to preliminary estimates released Friday by the Aluminum Association. Demand for...
Uncertainty in global aluminium market due to oversupply: BNP Paribas
There is a large amount of uncertainty in the global aluminium market with limited upside for prices, BNP Paribas metals analyst Stephen Briggs said Thursday. Briggs said that the market is in a large structural surplus and that it is unlikely to move back into balance in the near-term. "The market...
Aluminum reaches three-week low on prospects for larger surplus
Aluminum reached a three-week low in London on prospects for a global surplus of the lightweight metal to expand. Copper slumped, narrowing the biggest monthly gain since September. Supply of aluminum will outpace demand by 994,000 metric tons this year, above the prior 883,000-ton estimate, said...
Aluminium premiums stay in wide ranges as market views differ
Aluminium premiums are being offered within a huge range for spot deals in Europe, with some sellers desperate to offload material into a market from which consumers continue to hold back, ahead of anticipated falls. Metal Bulletin’s European duty-paid aluminium premium stands at $245-265 per...
Hindalco Industries drops to Rs 98.85 on BSE
Hindalco Industries lost 5.36% to INR 98.85 at 15:15 IST on BSE, with the stock sliding on profit booking after 3-day 11.89% rally. Meanwhile, the S&P BSE Sensex was down 589.29 points or 3.18% at 17,968.84. On BSE, 14.98 lakh shares were traded in the counter as against average daily volume of...
China Aluminum producers staggering due to shrinking demand
China has invested substantial sums in raw material production such as electrolytic aluminum projects, driven by global demand, but the industry faces serious excess capacity, experts said. During the first half, China's nonferrous metals refining industry experienced "severe" overcapacity, rising...
Indonesia's power cable industry heads for a shakeout
Indonesia may lose three-quarters of its power cable makers in the next two to three years as thin margins drive weaker players to accept buyouts, leaving a handful of larger companies to feed the fast-growing economy's electricity demand. Cable industry revenues in Southeast Asia's biggest economy...
European aluminum alloy shows signs of more interest, prices stable
Spot inquiries picked up slightly in the European aluminum alloy market this week as the summer vacation period began to draw to a close. "The market was OK this week, we had some inquiries where we were able to book some quantities. It was better than last week," said one producer, adding that the...
CCL Container Inc. claims 'artificial' delivery backlogs are driving up prices
Customers of CCL Container Inc. in Hermitage know that aluminum prices have tanked worldwide. Not surprisingly, they ask for lower prices when buying aluminum bottles they'll fill with suntan lotion, hair spray, energy drinks and beverages. “They want a price cut. It creates some confusion in the...
Aluminium up 0.7% on overseas trend
Aluminium prices edged up by 0.74% to INR 122.85 per kg in futures trade today as participants engaged in enlarging positions, supported by a firming overseas trend. Further, better demand in the spot markets also influenced metal prices. At the Multi Commodity Exchange, aluminium for delivery in...
Tomago upbeat despite the slowdown in aluminium industry
Tomago Aluminium believes it is well positioned to ride out the industry downturn after carrying out a restructure to cut costs. Last year around 100 jobs were axed at Tomago, around the same time the other Hunter smelter at Kurri Kurri was forced to shut its operations. One of Australia's largest...
Noranda Aluminum hits new 52-week low at $3.01
Shares of Noranda Aluminum Holding Corp. hit a new 52-week low during trading on Monday, StockRatingsNetwork reports. The stock traded as low as $3.01 and last traded at $3.02, with a volume of 275,816 shares trading hands. The stock had previously closed at $3.10. A number of analysts have...
ALSCON loses $1.4m monthly
The monthly loss of RUSAL ALSCON has reached $1.4million, it was learnt yesterday. Speaking with reporters in Uyo, the Akwa Ibom State capital, the firm’s Director of Public Relations, Tatyana Smirnova, said the plant had suffered regular disruptions in gas supply since 2007. He explained that a...
Global aluminum output cuts seen
Aluminum prices have extended to the downside and in doing so the trend has turned from a sideways rangebound market to a downward one, the Aluminum Analysis and Forecast Q2 2013 report said. Given the market has been in a supply surplus since 2007 and stocks have built up accordingly, the report...
Orbite Aluminae down 18% ahead of financing
Orbite Aluminae Inc. has confirmed that it plans an equity offering within the coming weeks. Wednesday's announcement came after the close of markets in which stock in the development stage ore producer plunged nine cents, or more than 18%, to 40.5 cents on heavy volume of more than 6.3 million...
Jaxport’s Talleyrand terminal receives massive aluminum shipment
At the Port of Jacksonville’s Talleyrand terminal, workers from Seaonus unloaded a ship Tuesday filled with 11,000 tons of aluminum ingots. The cargo came from South America and is headed to smelting plants in St. Augustine and the Port Manatee area, near Tampa. It’s a big shipment, said Rick Sharp...
Economic data and production cuts boost industrial metal ETP flows
ETFS Aluminium (ALUM), a physically backed aluminium ETP issued by London-based commodity specialist ETF Securities, enjoyed record inflows of $54m over the week. Among the production cuts was the decision by Rio Tinto, the world’s largest aluminium producer, to phase out production at its...
