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 move between USD 1,900-1,950/mt on 22st Nov: SMM Morning Review
Greece failed to secure another round of bailout funds, aggravating worries over the European debt crisis and driving commodities down. The US economic data came in mild. The University of Michigan’s consumer sentiment for November was lower than estimates and preliminary reading, causing market...
LME aluminum should move between USD 1,950-1,985/mt on 20th Nov: SMM Morning Review
Market was digesting optimism during the European session brought by the initial agreement reached on the US fiscal cliff. The US existing home sales grew for 16 straight months in October, boosting market confidence on the US economic recovery. LME aluminum was mired during the early European...
LME aluminum should move between USD 1,930-1,970/mt on 19th Nov: SMM Morning Review
The US industrial production slid by 0.4% in October from last month, falling short of expectations. Along with the fiscal cliff in the US, LME aluminum sank to a low of USD 1,930/mt during the European session. Later, President Obama held talks with the Republican and Democratic Party and reached...
LME aluminum should move between USD 1,950-2,000/mt on 15th Nov: SMM Morning Review
Market was absorbing positive news on the State Reserve Bureau (SRB)’s purchase of aluminum ingot, which has been postponed to Thursday. LME aluminum jumped to a high of USD 2,007/mt during the European session. However, the industrial output in the euro zone slid steeply in September from August,...
LME aluminum should move between USD 1,940-1,990/mt on 14th Nov: SMM Morning Review
Greece raised 4.062 billion euros in short-term bond sale, helping the euro stabilize at the lower end. Still, the debt crisis in Greece tends to deteriorate, capping gains of commodities overnight. LME aluminum was weak in early European session, but touched a high of USD 1,989/mt as positive news...
LME aluminum should move between USD 1,880-1,920/mt on 12th Nov: SMM Morning Review
China’s economic data for October showed that domestic inflationary pressure eased and PPI rebounded slightly MoM, but fell sharply YoY, curbing gains of LME aluminum prices during Asian session to some extent. The US dollar index jumped above 81 during the European session due to concerns over the...
LME aluminum should move between USD 1,900-1,930/mt on 9th Nov: SMM Morning Review
Investors are expecting more economic stimulus measures from the 18th CPC National Congress opened yesterday, helping ease concerns over the US fiscal cliff and European debt crisis. The US dollar index climbed to 81 during the European session, but LME aluminum was resilient to declines and only...
LME aluminum should move between USD 1,900-1,930/mt on 8th Nov: SMM Morning Review
President Barack Obama has been re-elected to a second term, causing the US dollar index to plunge. Market focus later shifted to the US “fiscal cliff” for 2013 and Greece austerity vote. Rumor has it that the EU will revise down its economic forecast for next year, dampening sentiment. In...
LME aluminum should move between USD 1,900-1,930/mt on 6th Nov : SMM Morning Review
Wait-and-see sentiment dominated the market ahead of the final result of the US presidential election. Greece is conducting another round of expenditure cuts to guarantee next batch of bailout fund. Greece is slipping to the verge of default, causing market risk aversion to grow and pushing the US...
LME aluminum should move between USD 1,900-1,940/mt on 5th Nov : SMM Morning Review
The final reading of the euro zone’s manufacturing PMI was 45.4 in October, pointing to contraction for 15 straight months. The US nonfarm payrolls surged by 171,000 in October, while unemployment rate climbed slightly to 7.9%, briefly lifting commodities. However, forecast-beating nonfarm payrolls...
LME aluminum to move between USD 1,900-1,930/mt on 1st Nov: SMM Morning Review
LME aluminum hovered above the 5-day moving average after opening at USD 1,920.8/mt during the Asian session. However, LME aluminum retreated from the 5-day moving average to a low of USD 1,904/mt during the European session, down USD 14.8/mt or 0.77%, as higher-than-expected unemployment rate in...
LME aluminum should move between USD 1,890-1,925/mt on 31st Oct: SMM Morning Review
The US financial markets were closed on Monday and Tuesday due to the Hurricane Sandy. The pullback of bond yields in Spain and Italy eased market worries. Thin trading sent the US dollar index below 80, helping base metals rebound during the European session. LME aluminum regained USD 1,900/mt and...
LME aluminum should move between USD 1,880-1,910/mt on 30th Oct: SMM Morning Review
Spiraling bond yields in Spain and Italy aggravated borrowing costs and turned investors to the safety of the US dollar. The US dollar index was firm above 80 overnight as a result. The US economic data was mixed. Trading was even thinner as the US stocks market was closed on Monday and Tuesday...
China aluminium stockpiles double on high output, slow demand
Commercial stocks of primary aluminium in China have doubled this year after consumption slowed while production stayed strong in the world's top consumer and producer of the metal, sources at smelters, analysts and traders said on Friday. Commercial stocks of primary aluminium ingots at warehouses...
LME aluminum should move between USD 1,915-1,945/mt on 26th Oct: SMM Morning Review
The US durable goods orders for September jumped more than expected by 9.9% on a monthly basis, the biggest growth since 2010, easing bearish sentiment. However, the US dollar index bounced back to 80 after hitting bottom, weakening upward momentum of commodities. LME aluminum was trapped within...
China Aluminum Stockpiles Seen at Two-Year High on Supply Glut
Aluminum stockpiles in the main trading regions in China have climbed to the highest level in two years as growth in supply outpaces demand in the world’s largest user, according to two industry surveys. Reserves in Shanghai, Wuxi and Hangzhou, and in Guangdong province gained to about 940,000...
LME aluminum should move between USD 1,920-1,950/mt: SMM Morning Review
HSBC’s flash China manufacturing PMI for October rose from September, pointing to contraction for 12 consecutive months, but expectations remain on rebound of the Chinese economy. However, preliminary manufacturing PMI in the euro zone for October continued to shrink, weighing down data in Germany...
Alumina Prices at Lianyungang Port Will Continue to Face Downward Pressure
According to SMM's survey, alumina prices at port were between RMB 2,650-2,670/mt despite rising imported alumina prices in September. This is because increasing supply of alumina at port has curbed the big increase in prices. Traders told SMM that imported alumina at Lianyungang port were quoted...
