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 caster Spartan benefits from diversifying aluminum and magnesium
US diecaster Spartan Light Metal Products is seeing strong growth because of business decisions it made during and after the 2009 downturn, including staying diversified in both aluminum and magnesium, President and CEO Don Jubel said in an interview. While Spartan's magnesium business continues to...
Demand for aluminium foil in Europe drops in first quarter
Demand for aluminium foil in Europe has seen a sharp drop in the first three months of 2012 – with as producers feel the effects of strong economic headwinds. Overall European shipments of aluminium fell almost 5% year-on-year to 204,00t during Q1, according to figures published by the European...
Novelis Expects a Rise in Demand despite Reporting a Quarterly Loss
Novelis, the US unit of India's largest aluminum producer Hindalco Industries Ltd , posted a quarterly loss, hurt by lower average aluminum prices and sales. However, the company expects a rise in demand for aluminum-rolled products in Asia, driven primarily by China, over the next five years. The...
LME aluminum prices settled down 20.5/mt at USD 2,007.5/mt
Overnight rumors that Greece may have to leave the euro zone ignited panic selling of all commodities. The US dollar index broke through 82 to a new high since September 2010 as investors flocked to the safer US dollar. LME aluminum prices dropped for a third successive trading day, settling USD...
China's top aluminium province cuts capacity as demand slows
China's top aluminium-producing province has idled about 700,000 tonnes of capacity in recent months, a senior industry official said, further evidence that slower growth in the world's No. 2 economy is denting the country's appetite for commodities. The total reduction could rise to 1.2 million...
LME spot prices dipping below $2,000 per metric ton
MetalMiner’s recent trend report on aluminum prices, the weekly Aluminum MMI®, showed that the global prices of the light grey metal have somewhat tempered their freefall — but uncertainty remains for the future price of aluminum, as we can see in Western and Asian markets. LME spot prices have...
No sign of improvement on the status of Point Henry smelter
Adverse market conditions confronting Alcoa's ageing Point Henry plant have not improved since the company announced a review of its Geelong smelter three months ago, with any relief from the falling dollar offset by weakening aluminium prices. Shortly after the review was announced in February,...
Aluminium looks strong despite the weakened rupee
The markets witnessed higher turnover last week as traders displayed increased risk appetite, especially in hard assets. The week-on-week market-wide turnover on the MCX rose 16% while the market-wide open interest fell 7%. The MCX turnover gainers during the week were aluminium, copper, crude oil,...
SHFE aluminum settled up RMB 20/mt or 0.13% at RMB 16,020/mt
The most active SHFE aluminum contract opened at RMB 16,020/mt and settled up RMB 20/mt or 0.13% at RMB 16,020/mt. Its moving band was RMB 16,000-16,065/mt. Strong support was found at RMB 16,000/mt. Resistance at the 10-day moving average also remained strong though. Total transacted contracts of...
Aluminium surged by 0.6% or Rs 0.7 at Rs 109.85 per kg
Bucking off the trend, Aluminium was the only metal surged for the second consecutive day by 0.6% or Rs 0.7 at Rs 109.85 per kg on Thursday, 17th May and tested an intraday high of Rs 109.95 per kg and Rs 108.8 per kg. Short covering with 7% dip in its open interest to 3258 lots favored the metal...
Vedanta expects double-digit growth
Notwithstanding the unfavourable conditions around, Vedanta still manages to project a positive picture in the market. India-focused miner Vedanta gave a sturdy outlook for commodity markets, bucking the trend among peers, even as aluminium losses, a weak rupee and higher interest payments hit...
Global Aluminum Market With 384,000-ton Surplus!
There is a huge demand supply gap in the prevailing aluminium market according to Metal Statistics. The global aluminum market was in a surplus by 384,000 metric tons between January and March, the World Bureau of Metal Statistics said Wednesday. This compares with a 1.81 million ton surplus in all...
Shares of Noranda Aluminum Holding Corp enters oversold territory
In trading on Tuesday, shares of Noranda Aluminum Holding Corp entered into oversold territory, changing hands as low as $8.06 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...
LME aluminum dropped USD 22.5/mt or 1.1% at USD 2,026/mt
Political uncertainty in Greece led to panic overnight that Greece may finally exit the euro zone. The euro plunged against the dollar, helping the US dollar index surging. Metals shed heavy losses as a result. LME aluminum settled down USD 22.5/mt or 1.1% at USD 2,026/mt on Monday, after hitting...
Shares of Noranda Aluminum Under Pressure
Noranda Aluminum (NYSE:NOR) is a company whose shares are active, trading 2.5% lower to $8.46. The S&P is trading lower by 1.2% to 1,337 and the Dow is trading 1.2% lower to 12,664. Over the past year, Noranda Aluminum has traded in a range of $6.67 to $16.45 and is now at $8.46, 27% above that...
Rusal indicates production cut
United Company Rusal, the world’s largest aluminium producer by volume, reported a sharp drop in first-quarter net profit and warned it might start cutting production later this year. Net profit in the three months to March 31 fell 84 per cent to $74m compared with the same period last year as the...
Global Aluminum Market to touch 71.2 Million Tons by 2018
Global Industry Analysts, Inc. brings about a smile to the aluminium leaders around the world with the release of its comprehensive global report on the Aluminum markets. The global market for Aluminum is forecast to reach 71.2 million tons by the year 2018. Major factors driving growth in the...
Global demand for aluminium remains solid
Chris Ayers, Alcoa EVP and President, Global Primary Proucts told the CRU 17th World Aluminium Conference in Abu Dhabi that the global primary demand growth rate will be 7% in 2012. This compares to a 10% growth rate in 2011. Driving growth will be the aerospace market where a 13% rise will occur....
