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 to fluctuate between USD 1,850-1,895/mt on 22nd April
Economic data from China and the US were discouraging. Worries over the European debt crisis remain. The UK’s AAA credit rating was downgraded by Moody’s in February, and revised down again last Friday by Fitch. The US dollar index broke through resistance at all the moving averages during the...
SMM Morning Review: LME aluminum should struggle between USD 1,890-1,920/mt on 19th April
Gold prices stabilized following earlier sharp declines, keeping the US dollar index in check. Short-covering helped push LME aluminum above USD 1,900/mt. However, a slight rise in the US weekly initial jobless claims, slowing Philadelphia Fed manufacturing in April and unexpected fall in...
SMM Morning Review: LME aluminum should fluctuate between USD 1,850-1,890/mt on 18th April
The IMF lowered last night its forecast for global economy for this year and the next. The US March economic indicators were disappointing and demand in China is slack. The ECB may consider cutting interest rate should the European economy shrink again. The euro fell overnight, pushing the US...
SMM Morning Review: LME aluminum should fluctuate between USD 1,880-1,920/mt on 12th April
The US Labor Department announced overnight that US initial jobless claims dropped more than expected to 346,000 in the week ended April 6, boosting confidence over recovery in the country’s jobs market. A weaker US dollar also offered support to the low-end price of commodities. Nevertheless, LME...
SMM Morning Review: LME aluminum should struggle between USD 1,880-1,920/mt on 11th April
China reported trade deficit in March, but metal imports actually fell sharply. The minutes of the US Federal Reserve (Fed)’s March meeting indicate that FOMC members debated over whether the Fed should slash the scale of asset purchases and bring quantitative easing to an end before the end of...
SMM Morning Review: LME aluminum should fluctuate between USD 1,900-1,930/mt.on 10th April
China announced yesterday its March CPI climbed 2.1% YoY, better than expected, but its PPI declined 1.9% YoY, pointing to negative growth for a 13th straight month and constraining upside space of commodity prices. The US dollar index was mired during the European trading session, helping LME...
SMM Morning Review: LME aluminum should move within USD 1,850-1,895/mt on 8th April
The US March nonfarm private sector employment shown in the ADP National Employment Report missed forecasts. Besides, weekly initial jobless claims rose significantly. Discouraging as they may be, these employment figures mean the US Federal Reserve will continue its QE3. LME aluminum sank to USD...
SMM Morning Review: LME aluminum should move within USD 1,860-1,900/mt on 3rd April
The manufacturing PMI in the euro zone fell in March from the previous month, and pointed to contraction for 20 months in a row. Coupled with shrinking manufacturing in Germany and France, worries over the European debt crisis pushed the US dollar index up to challenge resistance at 83. As a...
SMM Morning Review: SHFE 1306 aluminum contract has a low opening at RMB 14,600/mt on 29 March
The United States Labor Department announced overnight that initial jobless claims in the week ending March 23 rose to 357,000, falling short of market expectations. The Chicago PMI index was 52.4 in March, down 4.4 points from February. Coupled with worries over the European debt crisis, all base...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,940/mt on 28th March
Worries over the European debt crisis drove the US dollar index above 83 and sent LME aluminum down to USD 1,900/mt. Later, LME aluminum recovered losses due to dip-buying and as US pending home sales rose 8.4% YoY in February. Finally, LME aluminum closed up 0.42% at USD 1,922/mt. Latest LME...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,940/mt on 27th March
LME aluminum inventories approached 5.24 million mt yesterday, near a record high. Durable goods orders in the US rose more than expected in February, but the country’s consumer confidence index shrank considerably in March and annualized new home sales in February also missed forecasts. In this...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,930-1,970/mt on 25 March 2013
In order to secure EUR 10 billion bailout fund, the parliament of Cyprus is trying to find a solution to complete EUR 5.8 billion worth of financing, easing market worries. A weaker US dollar helped commodity prices rebound during the European session last Friday. LME aluminum rose to test...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,945/mt on 22nd March
The preliminary March manufacturing PMI from China and the US rose appreciably, but this was offset by contraction in manufacturing activity in Germany and France and uncertain aid package in Cyprus. As a result, LME aluminum retreated from the 5-day moving average, with its low-end price sinking...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,920-1,960/mt on 21st March 2013
Markets were optimistic over the result of the US Federal Reserve (Fed)’s interest rate meeting, attracting dip-buying and helping LME aluminum hit a high of USD 1,956/mt. The Fed stated last night that it will keep low interest rate and QE3 in place. However, uncertainty over Cyprus’s aid package...
Price war escalates among Chinese aluminum plate, sheet, strip, and foil producers
SMM just finished its monthly survey on domestic aluminum plate, sheet, strip, and foil producers. Based on the survey, SMM expects operating rates at the surveyed producers to be 56% in March. In order to compete for market shares, many producers held offers for decorating and air-conditioner foil...
SMM expects operating rates of aluminium extrusion producers to be at 60%
SMM recently conducted surveys on domestic aluminum extrusion producers. Based on orders received by surveyed producers, SMM expects operating rates of these producers to be 60% in March. Construction of infrastructure projects has progressively restarted in south ad north China as it’s getting...
SMM Morning Review: SHFE 1306 aluminum price should fluctuate between RMB 14,600-14,700/mt on 20th March
The US housing starts were reported up 0.8% in February to hit a 5-year high, driving LME aluminum to climb to USD 1,952.8/mt. However, the increase was limited as market mainly focused on the vote for tax imposition in Cyprus. The US dollar soared above 83 as Parliament rejected the proposal for...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,900-1,950/mt on 19th March
Investors continue to worry about the European debt crisis after Cyprus decided last Saturday to impose tax on bank depositors, triggering sell-off in stock markets and commodities. As such, LME aluminum drifted lower after a low opening, with the low-end price slipping to USD 1,927.5/mt and...
