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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SMM Morning Review: LME aluminum should move with in USD 1,840-1,860/mt on 24th May
HSBC’s flash China manufacturing PMI for May dropped unexpectedly, slipping into contraction for the first time in seven months. Manufacturing in the euro zone rebounded slightly, but still indicated contraction. Manufacturing in the US slowed, but did point to expansion. Market worries remained...
SMM Morning Review: LME aluminum should move with in USD 1,850-1,880/mt on 23rd May
US Federal Reserve Chairman Bernanke’s testimony to the congress overnight was in support of QE3 to propel US economy. However, Bernanke also said that asset buying may be scaled back later this year if economy improves further. The minutes of April policy meeting indicate intense debate among Fed...
SMM Morning Review: LME aluminum should move with in USD 1,850-1,870/mt on 22nd May
Investors are cautious ahead of US Federal Reserve Chairman Bernanke’s testimony to the congress due today and preliminary manufacturing index from major economies for May due later this week. Despite the retreat of the US dollar index from 84 during European session, LME aluminum pulled back after...
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on 20th May
The University of Michigan preliminary index of consumer sentiment rose to 83.7 in May, a six-year high. Meanwhile, the Conference Board Leading Economic Index for the US also increased 0.6% in April, a five-year high. These positive data helped send the US dollar index up to 84, weighing on...
SMM Morning Review: LME aluminum should move with in USD 1,830-1,855/mt on17th May
US initial jobless claims jumped to 360,000 in the week ended May 11. The US posted a 1.1% growth in CPI in April, below expectations. These data helped reduce possibility of asset purchases cuts by the US Federal Reserve for the immediate term. As such, the US dollar index pulled back from high...
SMM Morning Review: LME aluminum should move within USD 1,850-1,880/mt on14th May
It was announced yesterday that China’s April industrial value added and consumer goods retail sales rebounded slightly, but missed expectations. Fixed asset investments in urban areas in the first four months this year slowed from the same period last year. Base metal output during the first four...
SMM Morning Review: LME aluminum should move within USD 1,850-1,890/mt on13th May
Markets were digesting mixed economic indicators for April last Friday. Interest rate cuts by central banks and improvement in US labor market alleviated market concerns some, but US dollar index broke through 83, sending LME aluminum down from USD 1,904/mt to USD 1,848.8/mt. LME aluminum rebounded...
SMM Morning Review: LME aluminum should move within USD 1,870-1,910/mt on10th May
The National Bureau of Statistics announced yesterday that China’s CPI rose 2.4% YoY in April, but PPI declined 2.6% YoY, both missing forecasts. Although the latest US initial jobless claims continued to drop, the figure buoyed market confidence only limitedly. LME aluminum tried to reach USD...
SMM Morning Review: LME aluminum should move within USD 1,890-1,930/mt on 9th May
China saw trade surplus in April, alleviating concerns over slowing export-oriented economy. As a result, the US dollar index retreated from 82, helping commodity prices rebound. Longs entered the market, sending LME aluminum above USD 1,900/mt. Nevertheless, LME aluminum trimmed gains after...
SMM Morning Review: LME aluminum should move within USD 1,860-1,895/mt on 8th May
Despite plunge in the Australian dollar yesterday following interest rate cuts, the euro was firm on better-than-expected Germany's March manufacturing orders, sending the US dollar index down. This lent some support to LME aluminum. However, LME aluminum failed to break through the 5-day and...
Alumina prices in China decline further in May
SMM data indicate that settlement prices for alumina long-term contracts in May are RMB 2,483/mt, 17% of the closing prices of SHFE three-month aluminum contracts. The price is RMB 25/mt lower than in April, and also down RMB 102/mt from January. Domestic alumina prices stabilized before and after...
SMM Morning Review: SHFE 1308 aluminum contract should move within a RMB 14,650-14,750/mt range
It was announced last Friday that the US April non-farm employment increased more than expected by 165,000 and unemployment rate fell to the lowest in four years at 7.5%. These positive data offset the decline in March factory orders and worse-than-expected April ISM non-manufacturing index in the...
SMM aluminum products data analysis for March 2013
Data from the China Nonferrous Metals Industry Association show that China’s alumina output hit nearly 3.5 million mt during March, up 12.36% YoY. YTD output through March amounted to 9.09 million mt, also up 13.88% YoY. Increased alumina output from the commissioning of new capacity during 1Q...
SMM Morning Review: LME aluminum should fluctuate between USD 1,800-1,850/mt on 3rd May
Manufacturing activity in Germany and France continued to contract in April. Manufacturing PMI in the euro zone fell to 46.7, pointing to contraction for 21 consecutive months. In order to stimulate economy, the ECB announced it will lower interest rate by 25 basis points to a record low of 0.50%....
SMM Morning Review: LME aluminum to fluctuate between USD 1,800-1,850/mt on 2nd May
The final reading of April manufacturing PMI from the US and China fell far short of forecasts. Coupled with disappointing ADP employment in the US, LME aluminum sank to USD 1,817.5/mt overnight. Shorts aggressively entered the market, forcing longs to take profit, with trading volumes in excess of...
SMM Morning Review: LME aluminum will fluctuate between USD 1,910-1,940/mt on 26th April
The US initial jobless claims dropped more than expected to 339,000 in the week ended April 20. Rising unemployment rate in Spain and France raised hopes for interest rate cuts by central banks. Longs entered the market at low prices, pushing LME aluminum to a high of USD 1,944.3/mt. Finally, LME...
SMM Morning Review : LME aluminum expected to fluctuate between USD 1,890-1,910/mt on 25th April
The US durable goods orders declined 5.7% MoM in March, the biggest decline in eight months and well below expectations. The US dollar index fell below 83, helping LME aluminum find support at USD 1,900/mt. However, weak economic data curbed gains of LME aluminum, which met resistance at the 30-day...
SMM Morning Review : LME aluminum will fluctuate between USD 1,850-1,895/mt on 23rd April
The US existing home sales dropped 0.6% in March to an annualized 4.92 million units, far below expectations. The consumer confidence index in the euro zone was in negative territory, but did improve some from previous reading. This eased market worries and forced the US dollar index to surrender...
