LONDON: Investors looking to gauge the strength of the global recovery need look no further than metals markets.
Copper’s at the highest in a decade, aluminum is surging, and iron ore is closing in on a record as steel prices climb.
...............Inner Mongolia has said it would stop approving new aluminum projects as part of the country’s green push, and speculation about curbs in Xinjiang is giving further support to prices at a three-year high.
Markets Aluminum Commands Record Premium in U.S. Amid Economic Recovery By Joe Deaux April 22, 2021, 10:23 PM GMT+7
The premium buyers pay to have aluminum shipped to the U.S. Midwest touched a record high, surpassing the level reached six years ago when banks and trading houses famously joined in “merry-go-round deals” at warehouses to collect higher rents.
The benchmark price of aluminum traded in London is up almost 20% this year in its best start since 2008, propelled by a global economic recovery that’s expected to fuel purchases of everything from autos to toasters. The metal is also rising on bets that China, the biggest producer, will curb supply to cut emissions, with Alcoa Corp. Chief Executive Officer Roy Harvey calling the nation’s steps to rein in output a “game-changer” for the industry.
The pandemic recovery in the U.S. is causing “booming demand” and “skyrocketing freight rates,” with the continuing tariffs on imported aluminum “now fully reflected as part of the perfect storm,” Jorge Vazquez, the managing director at Harbor, said in a phone interview.
Last month’s Suez Canal blockage briefly added more concerns for an unusually tight aluminum market that was already facing a week-long delay on average due to demand for all products -- regardless of whether it was metal or other goods. The sudden rise comes months after premiums were as low as 9.35 cents per pound in August, according to Harbor.
again, my advise dont chase, only try accumulate when PA lower 0.51/0.515, or wait for solid breakout 0.55. Old time player knew very well PA pattern is like this, lan pa pa lan
Lan pa pa lan counter, LB already soaring. Don't chase pa, monitor whether today can close 0.53 and above. Slow and sideways turtle pa.... Waste of time
my ta showing might have 2-3 more trading days to have triangle breakout above, but that must accompany with more than average volume to have a solid breakout 0.555.
Steady, sharks flush out ikan bilis to collect more before zoom up.
Aluminum prices keep on increasing, huge money to be made by aluminum companies.
Note: Update (Current situation in China) 1. China many mega projects in stoppage mode as Steels & Aluminum products in short supply. 2. China Import for Steels & Aluminum products in high demand. 3. Competition intense. 4. China mills are looking for JV with steel & aluminum companies in overseas. 5. China Customers have tons of cash trying to get steel & aluminum but many China factories cannot meet demand. - Many illegals mills being forced closed.
6. Winter period, many China projects need to stop, due to cold condition factors. Is a race against time to get hold supplies in urgency.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Profitsaham1
176 posts
Posted by Profitsaham1 > 2021-04-27 09:51 | Report Abuse
Koyakkkkkkkk