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...
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...
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A356 alloy demand falls in June
SMM survey found that A356 alloy output at surveyed producers in June fell 2,000 mt from May due to mainly production cuts at some producers. The operating rate was also down 1.04% MoM to 55.70%. On the supply side, some aluminum smelters in Zhejiang and Henan cut production and some others...
SMM Morning Review: LME aluminum should move within USD 1,760-1,790/mt on 27th June
The US Commerce Department announced that the final reading of US 1Q GDP was revised down to 1.8% from the preliminary reading of a 2.4% growth, fuelling worries over growth in the world’s largest economy. Downbeat data, however, also raised doubt over whether the US Federal Reserve will wind down...
SMM Morning Review: LME aluminum should move within USD 1,770-1,800/mt on 26th June
The People’s Bank of China (PBOC) said yesterday it will closely monitor short-term liquidity crunch, easing market worries. This helped China’s A-shares rebound following sharp declines earlier. The US durable goods orders rose 3.6% MoM in May. Home prices in major cities in the US grew 12.1% in...
SMM Morning Review: LME aluminum should move within USD 1,750-1,790/mt on 25th June
Investors pulled out of financial markets against liquidity crunch in China at the end of mid-year. As a consequence, China’s A-shares plummeted 5.3% on Monday, and gloomy outlook for demand in China added to market worries. Meanwhile, LME aluminum inventories broke through 5.44 million mt to a new...
Operating rates at Chinese aluminum extrusion producers to fall in June
SMM’s survey of domestic aluminum extrusion producers found that operating rate at construction aluminum extrusion producers in May remained high at 74.17%. The operating rate at industrial aluminum extrusion producers was stable at 54.25%. SMM expects operating rates at both construction and...
SMM Morning Review: LME aluminum should move within USD 1,780-1,810/mt on 24th June
The US Federal Reserve (Fed)’s plan to scale back QE3 later this year continued to affect market sentiment, pushing the US dollar index up above 82.5. However, base metals rebounded last Friday due to technical buying, except for LME aluminum, which closed with losses due to mounting inventories...
Operating rate at aluminum wire & cable producers reaches 69.3% in May
SMM survey found that the operating rate at surveyed aluminum wire & cable producers averaged 69.36% in May, up from April’s 64.5%. This marks the third month in a row that the operating rate grew. Operating rates at domestic aluminum wire & cable producers rose significantly in May, driven largely...
SMM Morning Review: LME aluminum should move within USD 1,820-1,850/mt on 19th June
LME aluminum inventories surged 69,000 mt to 5.35 million mt last night, a new record high. Mounting inventories fuelled concerns over tepid demand. Investors pulled out of the market ahead of the result of US Federal Reserve policy meeting, causing LME aluminum positions to tumble 22,439 lots to...
SMM Morning Review: LME aluminum should move within USD 1,830-1,870/mt on 18th June
LME aluminum inventories surged 59,600 mt to 5.28 million mt, a new record high. Spot aluminum inventories in China stopped falling following the Chinese Dragon Boat Festival, now holding stable at 1 million mt. Growing oversupply pressure sent LME aluminum below USD 1,850/mt to USD 1,833/mt during...
SMM Morning Review: LME aluminum should move within USD 1,850-1,870/mt on 14th June
Chinese investors returned to the market from the three-day holiday yesterday, but downbeat economic figures ignited concerns over economic growth. Asian shares suffered losses, but dip-buying did help commodity prices fall at a slower pace. Greece’s unemployment rate in Q1 hit a new record high at...
China’s alumina imports plunge 72% YoY in May
China Customs data show that China imported 200,000 mt of alumina in May, down 72% YoY and 38% MoM. YTD imports through May totaled 1.56 million mt, also a drop of 28% from the same period last year. SMM attributes the sharp decline in alumina imports to domestic aluminum smelters cutting...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on 13th June
The US May non-farm employment increased more than expected by 175,000, implying sustained recovery of the US economy. However, this also ignited fear that the US Federal Reserve may wind down QE3. China’s CPI climbed 2.1% YoY in May, but PPI shrank unexpectedly to 2.9% YoY. China's industrial...
SMM Morning Review: LME aluminum should move within USD 1,950-1,980/mt on 7th June
The European Central Bank decided last night to keep interest rate unchanged at 0.5% now that recently released economic indicators in Europe have suggested the European economy is recovering from recession. Market focus remains on US non-farm payrolls due tonight. Initial jobless claims announced...
SMM Morning Review: LME aluminum should move within USD 1,900-1,940/mt on 4th June
HSBC’s final China May manufacturing PMI hit an 8-month low of 49.2. US ISM manufacturing PMI fell unexpectedly to 49, the lowest level since June 2009. Manufacturing in the euro zone slipped into contraction for 22 months in a row. Faltering global economy undermined market sentiment, but also...
SMM Morning Review: LME aluminum should move within USD 1,900-1,930/mt on 3rd June
Most of the US economic data released last Friday were positive. Chicago PMI rose to 58.7 in May, the highest level since last March. The University of Michigan final index of US consumer sentiment in May climbed to 84.5, a record high since July 2007. The US registered a 0.1% increase in retail...
SMM Morning Review: LME aluminum should move within USD 1,880-1,920/mt on 31st May
Economic Sentiment Indicator in the euro zone gained 0.8 points to 89.4 in May, capping forecasts and helping the euro rebound. The US Q1 GDP was revised to a 2.4% annual growth rate. Initial jobless claims in the US rose to 354,000 in the week ended May 25. Weak economic data suggest that the US...
SMM Morning Review: LME aluminum should move within USD 1,850-1,870/mt on 30th May
The Organization for Economic Co-operation and Development (OECD) on Wednesday trimmed its growth estimate for the world economy, saying global GDP will expand 3.1% in 2013, instead of 3.4% estimated earlier. It also lowered the US growth outlook for 2013 to 1.9% from 2% and cut its forecast for...
SMM Morning Review: LME aluminum should move within USD 1,840-1,860/mt on 29th May
US home prices jumped 10.9% in March compared with a year ago, the highest level in seven years. The Conference Board’s Consumer Confidence Index rose to 76.2 in May. These positive data are a sign of sustained improvement in the US economy, but also raised worries that the US Federal Reserve will...
