Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

Aluminum drops to four-year low on signs supply to remain ample

Global output to exceed demand

By Agnieszka Troszkiewicz, Bloomberg

November 29, 2013 • Reprints

Aluminum touched a four-year low in London amid indications the lightweight metal will remain in ample supply even as producers shut capacity.

Global output will rise 6.2 percent this year, exceeding demand by about 500,000 metric tons, according to Societe Generale SA. Some 1.2 million tons of capacity will be closed this year, adding to 1.1 million tons shut in 2011 and 2012, the bank said in a report Nov. 26.

“No one really wants to take those cuts seriously,” David Wilson, an analyst at Citigroup Inc. in London, said by telephone. “If you’re just removing higher-cost production, that suggests the LME price may still drift lower. Everybody’s still overproducing, they are just doing it at a cheaper rate.”

Aluminum for delivery in three months settled 0.2 percent lower at $1,754 a ton, the lowest since July 2009, on the London Metal Exchange today. Copper closed unchanged at $7,020 a ton. The metal for delivery in March gained 0.2 percent to $3.197 a pound in electronic trading on the Comex in New York, where the floor is shut today for the Thanksgiving holiday.

About 25 percent of aluminum capacity outside China is cash-negative at current prices and producers have cut high-cost output, Societe Generale said. Stockpiles tracked by the LME were little changed at 5.40 million tons, daily data showed.

Copper inventories declined for a 19th session to 429,200 tons. Stockpiles of tin rose 20 tons to 10,815 tons after reaching the lowest level since March 2012 yesterday.

Tin for delivery in three months fell 0.2 percent to $22,525 a ton. Prices touched $22,400, the lowest since Sept. 13, on signs of revived supply from leading exporter Indonesia.

Trading of tin on the Indonesian Commodity and Derivatives Exchange, where metal must change hands before being exported, jumped 85 percent this month from October as of Nov. 26, according to bourse data. Shipments of ingots and other tin products surged more than fivefold last month after plunging 88 percent in September, government data show.

“The lack of metal flow out of Indonesia seems to be easing,” Citigroup’s Wilson said. “Actual shipments have been rising as more metal is traded through their exchange.”

Zinc and lead fell in London. Nickel advanced.

www.bloomberg.com

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Energy demand steps back in play
Crude shoulder season blues
Crude corrects on production pop, but demand side is looming
Oil risk factors rise
Refiners work overtime as crude inventories drop
Previous
New highs on low volume, with key indicator still rising
Next
Home sales, GDP data, payroll numbers out next week
Related Terms
bank 6455Metals 3359metal 3075Citigroup Inc. 603London Metal Exchange 588Demand 276Supply 185production 98Aluminum 74London 45Societe Generale SA. 45David Wilson 16lightweight metal 13tin products 2metal flow 2

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images