Aluminium yesterday traded with the negative node and settled -0.09% down at 111.55 as LME aluminum surged USD 47.3/mt or 2.08% last Friday to USD 2,321/mt, a record high since September 21, 2011, backed by strong short covering with a rebound in euro and New York crude's marching towards USD 110/bbl. Aluminum to struggle at USD 2,300/mt and move between USD 2,280-2,330/mt during today's trading as a result of weak demand and short selling at higher prices. Market supply will be sufficient but buying interest will stay depressed. Bargain hunting by middlemen is the only thing the market can expect. Trading consequently will be moderate. Boosted by the news that Greece officially offered debt swap invitation to its private creditors, the euro rallied last Friday. In addition, the US announced better-than-expected consumer confidence index, fueling risk appetite and sending most LME base metal prices higher. In yesterday's trading session aluminium has touched the low of 111.45 after opening at 111.8, and finally settled at 111.55. For today's session market is looking to take support at 111.4, a break below could see a test of 111.3 and where as resistance is now likely to be seen at 111.8, a move above could see prices testing 112.
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