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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Short squeeze to boost SHFE aluminium prices, SMM reports
A potential short squeeze is in sight, and this will bolster SHFE near month aluminium contract prices, most market players contacted by SMM predict. Positions of SHFE 1607 aluminium are 111,144 lots yesterday, which require 277,860 tonnes of aluminium for delivery. However, inventories of...
Aluminium inventory declines in China mask weakening demand, SMM reports
Aluminium stocks in China’s major markets remain in the downward track, but this could not be seen as evidence of stronger demand, SMM noted. In fact, stocks have dropped at a slower pace, as a result of growing shipments from northwest China and weakening consumption, SMM explained. SMM learned...
45% Chinese aluminium smelters see aluminium prices advance this week
SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 45 per cent of them expect SHFE 1608 aluminium to rise above RMB 12,100/mt and LME aluminium break through USD 1,620/mt. First, aluminium stocks in China’s five major markets fell 25,000 mt to...
Base metals to fall after rising this week, SMM says
Base metal prices are expected to rise at first, and then drop this week, Shanghai Metals Market foresees. “A series of risky events will be released later this week, and risk aversion sentiment will grow as the week progresses,” SMM says. Key Macroeconomic Indicators for Base Metal Prices:...
SHFE 1608 aluminium ends with small loss
During night trading on Tuesday, June 14, SHFE 1608 aluminum dipped to RMB 11,765/mt after opening at RMB 11,850/mt, and ended at RMB 11,780/mt. On Wednesday, June 15, SHFE 1608 aluminum rose to RMB 11,880/mt after opening at RMB 11,780/mt. The most active contract ended the day down RMB 40/mt at...
Six major Chinese smelters agree to cut production; SMM says report untrue
According to sources with knowledge of the events, six of the People’s Republic of China’s major smelters agreed to cut production in the event that aluminium prices drop below US$1,717 per metric ton. China’s Nonferrous Metals Industry Association (CNIA) held the meeting yesterday with several of...
Worrying signs arise for battered aluminium prices, SMM says
Worrying signs have arisen for aluminum prices, which have retreated from this year’s high of 13,000 yuan/tonne to below 12,000 yuan/tonne, SMM says. China’s aluminium output hit 2.68 million tonnes in May, the highest since November 2015, data from the National Bureau of Statistics (NBS) showed....
45% Chinese aluminium smelters bearish toward aluminium prices this week
SMM surveyed 44 Chinese aluminium smelters about their opinions over aluminium price outlook. About 45 per cent of them expect SHFE 1608 aluminium to fall below RMB 11,800/mt and LME aluminium below USD 1,560/mt. First, the price spread between SHFE 1606 and 1607 aluminium contracts is as big as...
China aluminium output to continue growing in June, SMM expects
Aluminium output in China will maintain growth in June due to release of restarted and new capacity, SMM predicts. The country’s operational new aluminium capacity will increase to 300,000-tpy in June. Yunnan Aluminium Co., Gansu Dongxing Aluminium, among other smelters, will restart idled...
June aluminium price forecast: China smelting capacity firing back up?
As aluminium prices have whittled away their May gains by the beginning of June, news from a Goldman Sachs report indicates Chinese aluminium output is about to get ramped up again. Bloomberg recently reported that “with most producers in the world’s largest supplier [China] posting solid...
LME aluminium to fluctuate wildly
The US dollar index hovered at lows while crude oil prices stayed at highs. This will leave LME aluminium moving widely at USD 1,540-1,570/mt today, SMM observed in an early morning forecast. Downstream stocking ahead of the Dragon Boat Festival will support SHFE 1608 aluminium at RMB...
44% Chinese aluminum smelters see aluminum prices fall this week, SMM survey
SMM surveyed 44 Chinese aluminum smelters about their opinions over aluminum price outlook. About 44% of them expect SHFE 1608 aluminum to fall below RMB 11,800/mt and LME aluminum below USD 1,540/mt. First, total positions of all SHFE aluminum contracts surged 34,000 lots on Monday, many of which...
Restarted aluminum capacity far from enough to fill supply gap in China, SMM reports
Aluminum capacity restarts in China will continue increasing, but far from enough to fill in the supply gap caused by massive closures late last year, SMM understands. SMM estimates the amounts of restarted aluminum capacity in China at 400,000-500,000 tonnes during June-July. The amount of new...
45% Chinese aluminum smelters see aluminum prices rise this week, SMM Survey
SMM surveyed 44 Chinese aluminum smelters about their opinions over aluminum price outlook. About 45% of them expect SHFE 1607 aluminum to break through RMB 12,350/mt and LME aluminum rise above USD 1,560/mt. First, new aluminum capacity is commissioned at a slow pace. Smelters with plans to resume...
Tumbling Aluminum Inventories to Put Floor under Aluminum Prices, SMM
Aluminum stocks in China’s major markets fell at a much faster pace, and this will lend support to both SHFE and spot aluminum prices , SMM expects. Limited aluminum capacity restarts will support SHFE 1607 aluminum at the 60-day moving average, with price range at 11,950-12,300 yuan per tonne this...
SHFE aluminium to lose rising momentum
SHFE 1607 aluminium will meet resistance at the 5-day and 40-day moving averages and move at RMB 11,950-12,200/mt on Friday on fading effect from falling aluminium stocks, SMM observed in an early morning forecast. LME aluminium will fluctuate at USD 1,540-1,560/mt, with resistance at the 60-day...
Warning signs appear in aluminium prices, SMM reports
For those who are still bullish over aluminium prices, buyers need to watch out that the wind might begin to change direction soon for the light metal, which has proved to be the bright spot among base metals over the past few months, Shanghai Metals Market warns. SHFE 1607 aluminium, the most...
SHFE aluminium to fall as shorts gain upper hand, SMM surveys
SHFE 1607 aluminium will test support at the 60-day moving average and will move at RMB 11,900-12,050/mt today, SMM observed in an early morning forecast. LME aluminium will move at lows of USD 1,540-1,560/mt, despite crude oil breaking through USD 50/bbl. In China’s spot aluminium market, spot...
