Aluminium fluoride prices rise on cost support; premium for high-grade supply widens
This week, trading sentiment in China's aluminium fluoride enterprises was moderate, and aluminium fluoride prices continued to rise. As of now, SMM mainstream quotations for aluminium fluoride stand at RMB 11,500-12,300 per tonne; cryolite spot prices firmed, with SMM cryolite quotations at RMB...
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....
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Aluminum’s gain halted at about $2,000
Aluminum may rise for a third week next week in London, though gains are likely to be capped at about $2,000 a metric ton, according to technical analysis by Barclays Plc. The chart shows prices yesterday climbed above $1,928 a ton, the top of the range that starts with the April 16 session. The 50...
ESS DEE Aluminium hits new 52-week high
ESS DEE Aluminium shares surged nearly nine percent to touch a new 52-week high of INR509.90 on Thursday. Trading volumes also shot up by 2.5 times to 1,65,623 equity shares as against its five-day average of 65,693 shares. At 12:11 hours IST, the stock was up 7.84 percent to INR 505 on Bombay...
Encore to slowly ramp up aluminum wire production
Copper wire producer Encore Wire Corp. will slowly ramp up aluminum wire production at its new plant in McKinney, Texas, this year. Staying competitive in this industry will be challenging as competitors are willing to cut prices in order to keep customers, Encore said. "We are trying to be really...
Norsk Hydro sees aluminium demand rising
Norsk Hydro, one of the world's biggest aluminium makers, beat first-quarter earnings forecasts due to higher prices, sales and cost cutting and predicted demand for the metal would return to levels that match supply this year. Hydro said on Wednesday its underlying operating profit rose to 1.08...
Russia's Onexim mulls buying Rusal's debt
Russian billionaire Mikhail Prokhorov's Onexim group is considering buying the debt of aluminium giant RUSAL to increase its influence over strategy, or may sell out completely, Onexim's chief executive was quoted as saying. Onexim, which has a 17 percent stake in the world's largest primary...
Norsk Hydro first quarter result up on higher volumes and prices
Hydro's underlying earnings before financial items and tax rose to NOK 1,077 million in the first quarter, from NOK 172 million in the fourth quarter 2012. Higher alumina, aluminium and power prices, increased sales volumes and improved margins contributed to underlying results. "We continue to see...
LME aluminum should fluctuate between USD 1,870-1,910/mt on 24th April
The preliminary April manufacturing PMI from China and the US both fell sharply. The euro zone’s manufacturing index shrank to the lowest for the year, and Germany’s economy was also dragged down. These downbeat figures pushed the US dollar index up to 83. On the other hand, a mild rise in the US...
Aluminium market view for the week ending April 19, 2013
LME three months prices dipped below $ 1,850/t in mid-April, before short-covering moved the price back up towards $1,900/t. Commodities markets have been underperforming other asset classes this year, and the latest data out of China delivered another unpleasant surprise which sent commodity...
Rusal affected by the difficulties of Norilsk Nickel
Persistently low aluminum prices are not the only difficulty faced by the world's leading producer, Rusal. The fall in profits of Norilsk Nickel, the Russian giant owning 28% stake in Bloomberg, was forced to revise yesterday sharply the amount of its losses last year. The loss has finally reached...
Optimism about aluminium fades as economies falter
As Rio Tinto and Meridian Energy haggle over the price of power for the Tiwai Pt aluminium smelter, optimism about the metal's future has faded in line with modest expectations for world growth, Deutsche Bank says in its quarterly commodities report. The bank said the "considerable" optimism with...
AFRA accredits two more aircraft recyclers
The US Aircraft Fleet Recycling Association has expanded its list of accredited recyclers by adding Minnesota-based Aircraft Demolition and Dutch player Aircraft End-of-Life Solutions. According to the association, the accreditations are based on its renewed Best Management Practices Guide dealing...
Aluminium weakens 0.4% on global cues
Aluminium futures for April eased by INR 0.45, or 0.39%, to INR 102.40 per kg in 866 lots. At the Multi Commodity Exchange, the May contract traded lower by INR 0.40, or 0.38%, to INR 103.90 per kg in 74 lots. Prices fell as speculators reduced their positions. Further, subdued domestic spot...
Aluminum Association updates on aluminium industrial activity
March’s bearish tone in base metal markets has carried into April, with generally disappointing ISM reports and a weak US March employment report reinforcing anxiety about the strength of the global and US recoveries. Aluminum prices continued to sag, with the LME cash price now below $1,900/mt for...
Aluminium futures weaken on global cues
Aluminium prices fell by 0.39 per cent to INR 102.40 per kg in futures trading today as speculators reduced their positions amid weak global cues. Further, subdued demand in the domestic spot markets also weighed on the metal prices. At the Multi Commodity Exchange, aluminium for delivery in April...
China's capacity rising higher than demand
While China might be cutting back its aluminium production by 700kt this year, according to a report in the South China Morning Post, the country is eclipsing the cut-backs by adding an estimated 4Mt of new capacity. As the global industry braces itself for more market surpluses and Chinese...
SMM Morning Review: LME aluminum should fluctuate between USD 1,890-1,930/mt on 17th April
According to the US Commerce Department, the country’s building permits were at a seasonally adjusted annual rate of 902,000 in March, falling short of forecasts. However, this was offset by upbeat housing starts in March, which surged to the highest level since June 2008 at 1.04 million units....
Metal stocks see little potential for rebound
In 2013, markets on the whole have not been on fire, but a noticeable laggard has been the metal stocks. Among other things, they have been hit by the pronounced slowdown in manufacturing and the dwindling business confidence. Manufacturing growth, already, is on a downward swirl. Aluminium, for...
Century Aluminum's stock enters oversold territory
In trading on Monday, shares of Century Aluminum Co. entered into oversold territory, changing hands as low as $6.61 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock...
