Aluminium on fire, reach to five year’s high

Spot aluminum premiums have climbed to their highest price in nearly five years, in the face of mounting warehouse stockpiles.

The amount of aluminum stored in warehouses has climbed to a 32-year high.

Aluminium has touched a low of Rs 96.35 a kg after opening at Rs 98.8, and last traded at Rs96.6.

For today market is looking for the support at 95.7, a break below could see a test of 94.7 and where as resistance is now likely to be seen at 98.3, a move above could see prices testing 99.9.

Trading Ideas:

Aluminium trading range is 94.7-99.9.

Aluminum price rises despite record stockpiles

Support for aluminium is at 95.50 and resistance is at 97.70 level.

Aluminium daily stock at Shanghai exchange came up by 3712 tonnes

BUY ALUMINIUM MAY AT 95.50 SL 94.80 TGT 97.50-98.80.