The outlook for aluminum is more positive than the steep drip in price since April may suggest. The world’s largest producers of the metal are confident that 2012 will see robust demand growth, and some have even invested millions in upgrading production capacity. Automotive production will be the main catalyst for growth.
Bloomberg reported that Shanghai plans to lower trading costs by increasing storage for copper and aluminum.
The end of the summer slowdown may be near. The price of aluminum has made some moderate gains since falling from the year high in early May. Forecasts for the growing demand for aluminum are strongest in the aerospace and transportation sectors. Furthermore, China may become a net importer of the metal in the coming years.
Reuters Africa reports that Aluminum Corp of China (NYSE:ACH) said its discussions over possible development of bauxite resources in Australia had ended .
Analysts are in agreement at Harbor Intelligence’s Annual Aluminum Outlook Conference predicting stable to higher prices on the year. Also, Coca-Cola accuses Goldman Sachs of manipulating aluminum prices.
The Straits Times reports that Chinese-based XinRen Aluminum Holdings , in response to the growing need for aluminum in China, plans to issue an IPO on Wednesday. The story is quoted as saying: XinRen is offering 186 million new shares via placement to large institutional investors, while another 12 million will be available for smaller retail [...]
Chinese firms from nine key industries, including steel and cement manufacturers, will need to consult the National Development and Reform Commission should they plan to seek more financing, local media said on Friday. Citing unnamed sources familiar with the plan, the nine industries to be affected by the new regulation include steel, cement, coal processing, [...]
This 2010, 2 to 3 million tonnes of aluminum smelting will be added in China according to deputy head of the China Nonferrous Metals Industry Association, Wen Xianjun. The press release is quoted as saying: Investment in aluminum smelters in China, the world’s largest producer, hasn’t slowed in the face of growing overcapacity and a [...]
Aluminum is defying logic when it comes to basic economics. Spot aluminum premiums have climbed to their highest price in nearly five years, in the face of mounting warehouse stockpiles.
Aluminum Corporation of China closed yesterday at $31.69. So far the stock has hit a 52-week low of $7.22 and 52-week high of $32.79. Aluminum Corporation of China stock has been showing support around 30.99 and resistance in the 32.71 range. For full story, click here
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