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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Bulls and Bears on the Trenches - Reliance Steel & Aluminum
Shares of Reliance Steel & Aluminum Co. (NYSE:RS) closed the trading day higher by $0.36 or 0.75% from its previous close. Reliance's shares price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision...
Aluminium futures up on spot demand
Aluminium prices traded marginally higher by 0.36% to Rs 111.05 per kg in futures trading today as speculators enlarged their positions, driven by pick-up in spot market demand. Firming trend in base metal in global markets also influenced the trading sentiment. At the Multi Commodity Exchange,...
East China Aluminum: Premiums Narrow as Transactions Plunge
Traded prices of spot aluminum on July 14 in Shanghai were between RMB 17,540-17,570/mt, with premiums of positive RMB 20-50/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,570-17,600/mt. Traded prices of spot aluminum in Wuxi were RMB 17,540-17,570/mt. SHFE...
Barclays: Lead takes the lead as all metals strengthen on Chinese data
All the metals closed higher yesterday and have continued to firm this morning. Lead has been particularly strong with prices hitting $2,770/t, the highest since April. Today’s price rise has been largely China-driven with stronger-than-expected economic data and, particularly important for metals...
Indian aluminium futures up on spot demand
PTI reported that aluminum prices traded marginally higher by 0.36% to INR 111.05 per kilogram in futures trading as speculators enlarged their positions, driven by pick-up in spot market demand. Firming trend in base metal in global markets also influenced the trading sentiment. At the Multi...
South China Aluminum: Market Transactions Sluggish Due to Mixed Sentiments
After most active SHFE aluminum contract prices opened higher and fluctuated near the 5-day moving average, spot aluminum prices in south China rebounded to above RMB 17,600/mt. Recent fluctuating trend of aluminum prices led to mixed sentiments among aluminum suppliers and buyers. As a result,...
East China Aluminum: Prices Rebound While Consumption Lags Behind
Traded prices of spot aluminum on July 13 in Shanghai were between RMB 17,530-17,550/mt, with premiums of positive RMB 40-70/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,560-17,600/mt. Traded prices of spot aluminum in Wuxi were RMB 17,530-17,560/mt. SHFE...
Aluminum fundamentals make current prices 'attractive'
Global aluminum fundamentals, such as output costs, inventory trends, scrap and secondary demand and primary aluminum output challenges, are sending signals of “attractive value” at current prices, says Harbor Intelligence. Analysts see limited downward moves from current levels and “high odds not...
Aluminum fundamentals make current prices 'attractive'
Global aluminum fundamentals, such as output costs, inventory trends, scrap and secondary demand and primary aluminum output challenges, are sending signals of “attractive value” at current prices, says Harbor Intelligence. Analysts see limited downward moves from current levels and “high odds not...
MCX Aluminium will gain, buying recommended
MCX Aluminium yesterday traded with the positive node and settled 0.68% up at 110.65 tracking gains in other base metals counters. US credit rating agency Moody’s downgraded Ireland’s credit rating from BAA3 to BA1 and maintained a negative outlook for the country’s rating, which indicated the...
Alcoa stock down over aluminum price concerns
Shares in Alcoa Inc slipped on Tuesday despite posting a strong second-quarter profit, as some analysts voiced concern over a recent drop in aluminum prices. In early trading on the New York Stock Exchange, the company's stock was down 10 cents at $15.82, while aluminum fell to $2,451 per tonne in...
SMM Morning Review – 2011/7/13 Aluminum Market
On July 12, US credit rating agency Moody’s downgraded Ireland’s credit rating from BAA3 to BA1 and maintained a negative outlook for the country’s rating, which indicated the European debt crisis had spread into Ireland. On the other side, debt default risk increased in the US since the country...
Alcoa, News Corp., Quest Are Big Market Movers
Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Alcoa Inc., down 20 cents at $15.71. The aluminum producer's quarterly profit grew thanks to higher sales and prices, but costs for raw materials are rising.
U.S. aluminum May imports soar to near 2-year high
Shipments of aluminum into the United States rose for a second straight month in May, spiking to a near two-year peak, as a growing domestic market deficit and improved demand conditions drove the builds. Data from the U.S. International Trade Commission on Tuesday showed May aluminum imports surge...
U.S. aluminum May imports soar to near 2-year high
Shipments of aluminum into the United States rose for a second straight month in May, spiking to a near two-year peak, as a growing domestic market deficit and improved demand conditions drove the builds. Data from the U.S. International Trade Commission on Tuesday showed May aluminum imports surge...
East China Aluminum: More Goods Holders Sell as Bearish Sentiment Gets Strong
Traded prices of spot aluminum on July 12 in Shanghai were between RMB 17,470-17,500/mt, with premiums of positive RMB 40-70/mt over SHFE current-month aluminum prices. Low-iron aluminum was traded between RMB 17,500-17,540/mt. Traded prices of spot aluminum in Wuxi were RMB 17,470-17,500/mt. The...
South China Aluminum: Supplier and Buyer Standoff Leads to Sluggish Transactions
As most active SHFE aluminum contract prices fluctuated at RMB 17,300/mt with a downward trend, spot aluminum prices in south China fell below RMB 17,600/mt in response. While the traders were actively moving goods, downstream factories, however, rarely purchased due to lower order volume....
World aluminium demand to double in 10 years
World demand for aluminium will double in the next decade, driven by growing use in aircraft, transportation and luxury cars, the head of major European products maker Amag said on Monday. 'We forecast that demand for aluminium will double within the next 10 to 12 years, so a global growth rate of...
