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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SMM Daily Review - 2011/7/4 Aluminum Market
On Monday, SHFE 1109 aluminum contract prices, the most actively-traded one, opened slightly higher at RMB 17,300/mt. After price consolidations, SHFE three-month aluminum prices edged up to test RMB 17,400/mt, but met strong resistance to move higher. Finally, the aluminum contract for three month...
Brazilian copper and aluminum demand to grow at double digit rates in 2011
According to estimates from UK based investment bank Barclays Capital, consumption of copper and aluminum in Brazil is expected to continue growing at double digit rates in 2011. Analysts Mr Costanza Jacazio and Ms Roxana Mohammadian Molina said that "Adding to the recent strength in metal demand...
South China Aluminum: Prices and Purchases Both Increase, Market Sentiment Active
Though it was hard for most actively-traded SHFE aluminum contract price to break RMB 17,400/mt, the continuously dropping spot aluminum inventories still led aluminum quotes among South China traders to new highs, with mainstream traded prices falling between RMB 17,560-17,600/mt. Downstream...
East China Aluminum: Prices Surging As Supply Falls Short of Demand
Traded prices for spot aluminum in Shanghai were between RMB 17,450-17,490/mt on Monday, July 04, 2011, with premiums of positive RMB 30-40/mt over SHFE current month aluminum contract price. Low-iron aluminum prices were between RMB 17,500-17,540. Traded prices for spot aluminum in Wuxi were...
Vimetco wants to sell up to 21 percent of its shares in Romanian aluminium producer Alro Slatina
Aluminium producer Vimetco will postpone the secondary public offering (SPO) of Alro Slatina shares on the Bucharest Stock Exchange (BSE), “due to adverse market conditions”, the group announced on Friday. “The company believes it is not in the best interests of Alro or its shareholders to proceed...
SMM Morning Review – 2011/7/4 Aluminum Market
The Manufacturing Index for June released by the U.S. Institute of Supply Management on July 1 was 55.3, much higher than the expected 51.8. Pessimistic market sentiment was therefore somewhat alleviated. Meanwhile, Greece will get its new round of capital bailout in July, which will help it avoid...
MCX Aluminum expected to retreat in next week
Commodity reported that aluminum remains negative in ongoing week as selling sentiment continues. Aluminum demand is weak these days. Mr Amrita Mashar commodity analyst said that “Technically, Resistance for Aluminum is at 114. Aluminum July contract opened at INR 112.60 and made low of 112 during...
Rio Alcan plant in Saguenay to get $3-Kaiser Aluminum Reaches New 52-Week Highmillion investmentLongest Drop in Six Years
Kaiser Aluminum Corporation (Nasdaq:KALU) hit a new 52-week high Tuesday as it is currently trading at $53.84, above its previous 52-week high of $53.65 with 7,617 shares traded as of 10:01 a.m. ET. Average volume has been 168,200 shares over the past 30 days. Kaiser Aluminum has a market cap of $1...
Aluminum futures on a slope and rally may continue at down side
Commodity reported that MCX Aluminum June contract traded with the positive node and settled 0.44% up at 113.5 before the US Federal Reserve said that the pace of economic recovery is slower than expected and it will keep benchmark interest rate at an extraordinary low level in a long term. Ben...
Aluminium win not saying muchr vows to avoid troubl
AMONG the base metals, tin was the star of 2010. So far in 2011, the unlikely winner is aluminium. Yes, the same metal who stockpiles in London Metal Exchange warehouses now stands at 4.55 million tonnes, and which fell heavily last night in sympathy with oil. So aluminium is the best base metals...
US aluminium service centre shipments up by 31pct YoY
Commodity reported that the metals ended last week mixed with only copper up w/w. Despite falling stocks and further delays to new projects, one metal that has continued to underperform recently is nickel. Expectations for stronger supply growth in H2 as previously shuttered facilities are...
China overcapacity of electrolytic aluminum to depress price hike
According to statistics, China’s electrolytic aluminum capacity was 23 million tons in 2010 and its actual production was 15.6 million tons. At the same time, the rate of equipment utilization was only at 70%. However, Chinese aluminum smelters’ sales margin was only at 3.59% during January to...
Daily aluminum output down by 69900 tonne in May
According to the provisional figures from the International Aluminum Institute, daily average primary aluminum output in May dropped to 69,900 tonnes compared with a revised 70,300 in April and 66,400 in May 2010. IAI said that total production in May was 2.167 million tonnes compared with 2.110...
US Aluminum Industry
The country produces over $40 billion worth of products and exports. US-based aluminum companies are the biggest producers of aluminum in the world as well. Operating in over 35 states through 300 plants, the aluminum industry in the US employs over 150,000 people and has an output of over 25...
China government considers canceling aluminum rebates
China’s central government may cut its tax rebate for the nation’s aluminum exporters in light of punitive actions taken by the United States. Specifically, tax rebate on exports of certain semi finished aluminum products may be cut to 9% from 13%. The source said that the government may encourage...
China government considers canceling aluminum rebates
China’s central government may cut its tax rebate for the nation’s aluminum exporters in light of punitive actions taken by the United States. Specifically, tax rebate on exports of certain semi finished aluminum products may be cut to 9% from 13%. The source said that the government may encourage...
Indian Vedanta Aluminum plans to expand production capacity by 50pct
Reportedly, Indian V Vedanta Aluminium planned to pour INR 35 billion to expand its production capacity by 50% considering to the rising aluminum prices and increasing demand. Mr Mukesh Kumar head of Vedanta Aluminium indicated that its annual production capacity in its Orissa’s smelter would reach...
Alcoa Shines on Solid Aluminum Demand
Alcoa’s (NYSE:AA) total alumina shipments rose from 14.6 million tons in 2006 to 16.5 million tons in 2010 with a blip in 2009 due to unfavorable economic conditions that led to a decline in the overall industrial output and demand for aluminum. Alcoa, which competes with mining giants like Rusal,...
