China, the largest aluminum producer in the world, may see its output of primary aluminum jump 24% year on year to 20 million metric tons this year.
Aluminum stocks climbed 7,250 tonnes to 4,606,200 tonnes, within reach of a record high 4,640,750 hit in January 2010. LME aluminum prices opened higher at USD 2,623/mt, and later edged down as investors exited the market after profit-taking, with prices finally closing at USD 2,600/mt, down USD 14/mt compared with the previous trading day, or down 0.54%, with support found at USD 2,600/mt.
Aluminium has touched a low of Rs 116.3 a kg after opening at Rs 116.3, and last traded at Rs116.4.
For today market is looking for the support at 116.3, a break below could see a test of 116.2 and where as resistance is now likely to be seen at 116.5, a move above could see prices testing 116.6.
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