China continues destocking, coupled with recovering peak-season demand; aluminium prices are expected to consolidate at highs with an upward bias next week
1. Macro perspective The US-Iran conflict escalated sharply. On September 9, Iran's Revolutionary Guard struck multiple oil tankers and merchant vessels in the Strait of Hormuz, causing a significant drop in strait traffic. Brent crude broke through USD 100 per bbl, closing at USD 101.21, while WTI...
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...
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SMM Morning Review – 2011/7/14 Aluminum Market
US FED president Bernanke implied overnight that more easing monetary policies will be provided due to weak US economy. Meanwhile, default risk increased in the US with no agreement reached for lifting the US debt ceiling while the deadline is approaching. Concerning this, Moody’s put US AAA...
SMM Daily Review – 2011/7/13 Aluminum Market
Most active SHFE 1109 aluminum contract prices opened higher at RMB 17,285/mt and slightly rose to fluctuate near the 5-day moving average in the morning session. In the afternoon, as other metals prices jumped, SHFE 1109 aluminum contract prices broke through RMB 17,400/mt near the tail of...
SMM Brief Review – 2011/7/13 Aluminum Futures
SMM Brief Review – 2011/7/13 Aluminum Futures Most active SHFE 1109 aluminum contract prices opened higher at RMB 17,285/mt on July 13, and slightly rose to fluctuate near the 5-day moving average in the morning session. In the afternoon, as other metals prices jumped, SHFE 1109 aluminum contract...
SMM Brief Review – 2011/7/12 Aluminum Futures
As LME aluminum prices fell another 2% overnight, most active SHFE 1109 aluminum contract prices opened lower at RMB 17,270/mt in response. They fluctuated at RMB 17,250/mt after failing to break through the 10-day moving average. Finally closed price was RMB 17,250/mt, down RMB 110/mt or 0.63%...
SMM Morning Review – 2011/7/12 Aluminum Market
On July 11, as the debt crisis in the Euro zone further spread, and discrepancies still existed for the Greek bailout plan, default risks in the area rose again. Meanwhile, following Portugal, Italy also fell into the debt whirlpool. As a result, the Euro plummeted overnight below 1.40 due to heavy...
SMM Brief Review – 2011/7/11 Aluminum Futures
The high inflation pressure as indicated by the June CPI data which reached a new high in recent 3 years pressed most active SHFE 1109 aluminum contract price lower at RMB 17,320/mt during today’s opening. In the morning session, the 1109 contract price fluctuated upward but met resistance near RMB...
June Output of A356 Aluminum Alloy Ingot Reaches New High
Domestic output and sales volume of passenger cars in June have reached new highs compared with previous month and the same month in 2010. Overseas wheel hub orders were continuously reported. As the automotive industry growth outweighed expectations, June output of A356 aluminum alloy ingot...
SMM Morning Review - 2011/7/6 Aluminum Market
The US Department of Commerce (DOC) announced on July 5 factory orders in May increased 0.8%, slightly lower than the expected 1.0%. The revised durable goods orders rose 2.1%, which is slightly higher than previous month. Such economic data showed that US industrial activity was moderately...
SMM Daily Review - 2011/7/4 Aluminum Market
On Monday, SHFE 1109 aluminum contract prices, the most actively-traded one, opened slightly higher at RMB 17,300/mt. After price consolidations, SHFE three-month aluminum prices edged up to test RMB 17,400/mt, but met strong resistance to move higher. Finally, the aluminum contract for three month...
SMM Morning Review – 2011/7/5 Aluminum Market
The financial market closed for one day on July 4, American Independence Day. As Greek default risk lowered, the Euro rose for six consecutive days. However, the Euro temporarily fell due to market worries, after Standard & Poor’s warned overnight that new austerity measures of Greece will put the...
SMM Morning Review – 2011/7/4 Aluminum Market
The Manufacturing Index for June released by the U.S. Institute of Supply Management on July 1 was 55.3, much higher than the expected 51.8. Pessimistic market sentiment was therefore somewhat alleviated. Meanwhile, Greece will get its new round of capital bailout in July, which will help it avoid...
Chinese aluminum output to remain high if no power cuts
Chinese aluminum production hit an all-time high last month and could limit further price gains if feared power-related supply interruptions end up not materializing after all, Commerzbank says. Chinese data showed an 8.7% year-on-year rise in aluminium production to a record of 1.54 million metric...
SMM Daily Review - 2011/4/29 Base Metals Market
... SHFE 1107 aluminum contract prices soared to a high of RMB 16,880/mt after opening slightly higher at RMB 16,860/mt on Friday, but other base metals prices weakened, dampening upward momentum in SHFE aluminum prices and allowing SHFE 1107 aluminum contract prices to fluctuate narrowly around...
SMM Morning Review - 2011/5/3 Aluminum Market
... SHFE aluminum prices opened slightly higher, ... SHFE aluminum prices fell following other base metals prices, with SHFE 1107 aluminum contract prices fluctuating narrowly around the 5-day moving average. SMM predicts SHFE 1107 aluminum contract prices will move between RMB 16,750-16,900/mt...
SMM Daily Review - 2011/4/28 Base Metals Market
... SHFE 1107 aluminum contract prices opened flat at RMB 16,835/mt on Thursday, and later briefly climbed to a high of RMB 16,910/mt driven up by strengthening LME aluminum prices. However, the Shanghai Stock Exchange composite index tumbled later, ...
SMM Morning Review - 2011/4/29 Aluminum Market
... LME aluminum prices finally closed at USD 2,764/mt, up USD 23/mt compared with the previous trading day. LME aluminum inventories increased by 5,950 mt to 4,612,050 mt. ...
SMM Morning Review - 2011/4/28 Aluminum Market
... LME aluminum prices stabilized above the 5-day moving average, and climbed to a high of USD 2,755.8/mt in European trading hours, but later fell back as investors exited the market after profit-taking. At the tail of trading, ...
SMM Daily Review - 2011/4/27 Base Metals Market
... SHFE 1107 aluminum contract prices briefly climbed to a record high of RMB 16,920/mt since April 12th after opening slightly higher at RMB 16,860/mt in the morning session. ...
