China continues destocking, coupled with recovering peak-season demand; aluminium prices are expected to consolidate at highs with an upward bias next week
1. Macro perspective The US-Iran conflict escalated sharply. On September 9, Iran's Revolutionary Guard struck multiple oil tankers and merchant vessels in the Strait of Hormuz, causing a significant drop in strait traffic. Brent crude broke through USD 100 per bbl, closing at USD 101.21, while WTI...
ADC12 consolidates on a strong note as costs rise and orders see marginal improvement
Aluminium scrap: This week, China's aluminium scrap market price centre edged up alongside primary aluminium. As of September 10, SMM A00 aluminium prices closed at RMB 24,560 per tonne, up RMB 210 per tonne from RMB 24,350 per tonne last Thursday. Domestic aluminium scrap prices followed with...
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Global Demand for Aluminum Taking Off
Pittsburgh-based Alcoa (AA), the largest domestic producer of aluminum, saw its Q2 profit increase more than 100% “after higher prices for the lightweight metal outweighed increasing raw-material costs,” according to a Bloomberg article. Alcoa’s sales increased 27% to $6.59 billion last quarter,...
Aluminum Corporation of China (ACH) Showing Bearish Technicals With 0.18% Dividend Yield
Aluminum Corporation of China (NYSE:ACH) closed Wednesday's wandering trading session at $20.01. In the past year, the stock has hit a 52-week low of $19.21 and 52-week high of $26.80. Aluminum Corporation of China (ACH) stock has been showing support around $19.81 and resistance in the $20.21...
Growth in metals shipments decelerates in June
Service center shipments in the US and Canada for both steel and aluminum increased from 2010 levels but the rate of growth slowed significantly. Inventory levels decreased in the US but increased slightly in Canada. 1. Aluminum Product Activity 134,300 tonnes of aluminum products were shipped by...
South China Aluminum: Spot Price Falls from RMB 18,000/mt as Market Cools Down
SHFE aluminum prices opened lower and fell on July 21st. After aluminum prices broke RMB 18,000/mt, wait-and-see attitude turned strong among downstream buyers in south China. With inquiries rarely reported, spot aluminum prices in south China fell, with mainstream prices reported between RMB...
East China Aluminum: Spot Price Hit RMB 17,800/mt, Transactions Limited
Traded prices of spot aluminum in Shanghai on July 21st were between RMB 17,770-17,800/mt, with premiums of positive RMB 70-100/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,800-17,820/mt. Traded prices of spot aluminum in Wuxi were between RMB...
Argentine Stocks: Aluar Aluminio, Advance
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4:24 p.m. New York time. The Merval Index climbed 0.9 percent to 3,324.99. Aluar Aluminio Argentino SAIC (ALUA AF), which produces and markets aluminum products for...
Argentine Stocks: Aluar Aluminio, Advance
The following companies had unusual price changes in Argentine trading. Stock symbols are in parentheses and share prices are as of 4:24 p.m. New York time. The Merval Index climbed 0.9 percent to 3,324.99. Aluar Aluminio Argentino SAIC (ALUA AF), which produces and markets aluminum products for...
Select base metals rise on industrial demand
Select base metals rose at the non-ferrous metal market here today on good stockists buying amidst rising industrial demand despite bearish London Metal Exchange (LME) cues. Meanwhile, tin, aluminium and copper utensils scrap declined on subdued offtake from consumer as well as alloy industries....
WBMS: Global Aluminum Market In 396,400-ton Surplus January-May
The global aluminum market was in surplus of 396,400 metric tons in the first five months of the year, the World Bureau of Metal Statistics said Wednesday. This compares with a surplus of 660,400 tons in the same period the year before. Demand for primary aluminum in the first five months of 2011...
Spot Price Reaches 3-year High, Breaking RMB 18,000/mt
Though SHFE aluminum prices fell after opening higher on July 20, spot aluminum prices in south China still surged due to supply shortage, with mainstream traded prices reported between RMB 17,980-18,020/mt, reaching a new high since August 19 2008. As tight supply of spot aluminum is not likely to...
SMM Morning Review – 2011/7/20 Aluminum Market
As default risk rose in Greece, market sentiment turned sluggish. In order to prevent escalation and contagion of the debt crisis, German central bank and European Central Bank decided to convene an emergency meeting this Thursday and a bailout plan is expected for Greece. As a result, the Euro...
Aluminum Stockpiles Rise the Most in Two Months on Detroit Gain
Aluminum inventories monitored by the London Metal Exchange rose the most in more than two months on increases in Detroit. Stockpiles rose 12,200 metric tons, the most since May 17, to 4.42 million tons, exchange data showed today. Detroit stockpiles increased 24,075 tons to 1.16 million tons....
Kaiser Aluminum Reaches New 52-Week High (KALU)
Kaiser Aluminum Corporation (Nasdaq:KALU) hit a new 52-week high Tuesday as it is currently trading at $55.82, above its previous 52-week high of $55.76 with 84,961 shares traded as of 3:06 p.m. ET. Average volume has been 171,200 shares over the past 30 days.
South China Aluminum: Supply Shortage Boosts Confidence for RMB 18,000/mt
SHFE aluminum prices opened higher and broke RMB 17,700/mt on July 19, but began to lose support afterwards. However, spot aluminum prices climbed to above RMB 17,900/mt as cargo holders were holding goods. Mainstream traded prices were between RMB 17,900-17,950/mt. Though purchasers kept buying on...
East China Aluminum: Unwillingness to Sell Strong Among Bullish Goods Holders
Traded prices of spot aluminum in Shanghai on July 19 were RMB 17,750-17,780/mt, with premiums of positive RMB 60-80/mt over SHFE current-month aluminum contract prices. Low-iron aluminum was traded between RMB 17,780-17,820/mt. Traded spot aluminum prices in Wuxi were between RMB 17,750-17,780/mt....
Why Alcoa Shares Look Undervalued
Alcoa (AA: NYSE) By Credit Suisse ($15.85, July 15, 2011) With this note, Richard Garchitorena is assuming primary coverage of Alcoa. Our prior rating (Outperform) remains unchanged. We continue to believe Alcoa (ticker: AA) shares are undervalued given current aluminum prices, which we believe are...
Aluminum demand 'Stunningly positive' so far in 2011
Aluminum demand data so far in 2011 has nudged the global market into deficit and is offering the basis for a “steady grind higher” in prices over the coming months, say analysts with Barclays Capital. Global production has hit record highs, Barclays says. However, the bank also cites “stunningly...
Strong Aircraft Orders Seen Driving Aluminum Demand
The flurry of new airliner orders in the first half of 2011, coupled with rising demand from other industries, has proved to be a boon to aluminum suppliers like Alcoa, which more than doubled its second quarter earnings in results announced on July 11. But subsequent stock market reaction, which...
