Aluminium yesterday traded with the negative node and settled -0.27% down at 112.1 tracking LME three-month aluminum ended positively for a seventh consecutive trading day on Tuesday, closing USD 9/mt or 0.39% higher at USD 2,327/mt as positive expectations for ECB refinancing operation and improving US consumer confidence in February beat a contraction in US durable goods orders in January. Investors will stay cautious before release of the ECB refinancing plan and China’s PMI data, which may help LME three-month aluminum consolidate support at USD 2,300/mt. The moving band is expected to be USD 2,300-2,350/mt. Transactions improved in global major base metal markets on Tuesday as the US Richmond Fed Manufacturing Index and Conference Board Consumer Confidence Index were both better than market expectation. In general, the upbeat data from the US suggests that the US economy is recovering, boosting market optimism. In response, the US equity market and LME base metal prices largely closed with gains overnight. It is expected that market sentiment is moderate before release of China’s PMI on Wednesday. For today's session market is looking to take support at 111.4, a break below could see a test of 110.8 and where as resistance is now likely to be seen at 113, a move above could see prices testing 114.
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