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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LME aluminum should fluctuate between USD 1,940-1,980/mt on 18th March: SMM Morning Review
The US Labor Department announced last Friday that the country’s CPI grew by 0.7% in February. The New York Federal Reserve reported its Empire State manufacturing activity index fell in March to 9.24, falling short of expectations. Despite a better-than-expected 0.7% growth in industrial...
China purchases 300,000 tons of aluminum to boost local prices
China’s state reserves manager signed agreements today with six smelters to buy 300,000 metric tons of aluminum at 15,137 yuan ($2,434) a ton in a bid to bolster local prices. The State Bureau of Material Reserve will pay about 4 percent more than the spot price for the metal to be delivered in...
LME aluminum should fluctuate between USD 1,950-1,990/mt on 14th March 2013 : SMM Morning Review
The industrial output in the euro zone fell 0.4% MoM in January, missing forecasts and dampening market sentiment. Despite a 1.1% MoM growth in the US retail sales in February, the US dollar index jumped above 83, weighing down base metals prices. LME aluminum rose to challenge resistance at USD...
LME aluminum should fluctuate between USD 1,950-1,990/mt on Wednesday: SMM Morning Review
Markets are cautious ahead of the release of US February economic indicators due later this week. Shorts liquidated positions to avoid risks after the US dollar index plunged overnight, helping LME aluminum regain support at near the 10-day moving average and hit a high of USD 1,986.8/mt. LME...
China Aluminum Output in January on Capacity Additions
Aluminum production in China, the biggest producer and user, climbed to a record in January on capacity additions, data from the National Bureau of Statistics showed today. Production was 1.78 million metric tons in January, according to Bloomberg calculations based on the data. The figure exceeded...
SMM Morning Review: LME aluminum should fluctuate in the band of USD 1,940-1,970/mt on 12th March
It was announced last Friday that China’s CPI hit a 10-month high in February. The Fitch Ratings downgraded Italy’s credit rating due to unstable political situation in the country following the general election. These negative news drove LME aluminum down to USD 1,935/mt during early European...
SMM Morning Review: LME aluminum will fluctuate in the band of USD 1,940-1,970/mt on 11 March 2013
The US announced last Friday that its nonfarm payrolls increased by 236,000 and unemployment rate declined to 7.7%, both better than expected. However, improvement in labor market rekindled worries that the Federal Reserve may end QE3 early, driving the US dollar index up to near 83 and curtailing...
LME aluminum should fluctuate between USD 1,930-1,980/mt on 7th March: SMM Morning Review
Base metals consumption in China was tepid, and the euro zone revised its 4Q GDP to -0.9%, offsetting positive news from forecast-beating US ADP employment in February. As such, the US dollar index climbed to 82.604 overnight, causing LME aluminum to tumble below USD 1,950/mt to the lowest for the...
LME aluminum should fluctuate between USD 1,960-2,000/mt on 6th March: SMM Morning Review
Premier Wen said in his government work report yesterday that the Chinese economy will grow by 7.5% in 2013, boosting market confidence on stabilizing economy. Later, the US announced that ISM non-manufacturing PMI advanced to 56 in February, similarly improving market sentiment. As such, LME...
LME aluminum should fluctuate between USD 1,950-2,000/mt on 4th March: SMM Morning Review
Worse-than-expected economic figures from the euro zone and expectations for lower interest rate in the region pushed the euro down against the US dollar. February manufacturing PMI in the US suggested that the US economy is continuing to recover, driving the US dollar index above 82 and weighing...
LME aluminum should fluctuate in the band of USD 1,980-2,030/mt on 1st March: SMM Morning Review
The final reading of Spain’s 4Q GDP shrank 1.9% YoY. The 4Q GDP of the US was revised to a meager 0.1% growth, but still fell short of expectations. Growing worries over economy in Europe and the US, coupled with a lack of progress on negotiations over automatic spending cuts in The US, helped the...
LME aluminum should fluctuate between USD 2,030-2,070/mt on 25th Feb: SMM Morning Review
The European Commission predicted last Friday that the euro zone’s economy will shrink 0.3% in 2013, down from its earlier forecast. The ongoing general election in Italy will add uncertainties to the European economy. As a result, the US dollar rose against the euro, causing LME aluminum prices to...
LME aluminum prices closed at USD 2,102/mt on 6th Feb: SMM Morning Review
Risky events in Europe, including the corruption scandal of Spanish prime minister and the rising support for Italian former prime minister Berlusconi fueled market concerns overnight, driving the US dollar index to grow and LME aluminum prices to fall below USD 2,100/mt during the European trading...
LME aluminum prices moved up to the 5-day moving average to close at USD 2,118/mt on 5th Feb: SMM Morning Review
The political issue in Italy and Spain weighed down base metals on Tuesday. However, as the eurozone service PMI for January improved and the IBD consumer confidence index for February also increased, LME aluminum prices moved up to the 5-day moving average during European trading session and...
LME aluminum should move between USD 2,050-2,090/mt on 25th Jan: SMM Morning Review
The preliminary manufacturing PMI for January in China, euro zone and the US, released yesterday, all hit a two-year high. The US new weekly jobless claims fell to a five-year low. These figures signal global economic recovery. However, upbeat data also means that existing stimulus policies may end...
LME aluminum should move between USD 2,050-2,090/mt on 24th Jan: SMM Morning Review
The House of Representatives passed a bill to extend the debt ceiling deadline by an additional 3 months through voting on Wednesday. This move eased market apprehension and helped LME aluminum hit a high of USD 2,101.3/mt during the European session. However, uncertainty over debt ceiling issues...
LME aluminum should fluctuate between USD 2,030-2,060/mt on 22nd Jan: SMM Morning Review
Trading volumes in LME aluminum market dropped to 5,405 lots overnight as financial markets in the US were closed yesterday for the Martin Luther King, Jr. Day. LME aluminum prices failed to break through USD 2,050/mt and dipped to a low of USD 2,037.8/mt. Finally, LME aluminum finished at USD...
LME aluminum should fluctuate between USD 2,040-2,070/mt on 18th Jan: SMM Morning Review
The US housing starts surged 12.1% in December, the highest since June 2006. Meanwhile, the US weekly jobless claims ending January 12 tumbled to 335,000, the lowest since January 2008. The boom in property sector and job market pushed US stock market and commodity prices up. However, Philadelphia...
