Japan's aluminium sector may see only relatively modest production disruptions from power outages in eastern Japan after the earthquake, demand could shrink from key customers in harder-hit sectors such as autos.
Aluminum prices fluctuated narrowly around the 20-day moving average last night. The weaker US dollar index boosted crude oil prices to above USD 108/bbl, and aluminum prices finally closed at 117.15 supported by higher energy costs.
Aluminium has touched a low of Rs 116.5 a kg after opening at Rs 116.5, and last traded at Rs117.15.
For today market is looking for the support at 116.7, a break below could see a test of 116.2 and where as resistance is now likely to be seen at 117.5, a move above could see prices testing 117.8.
Trading Ideas:
Aluminium trading range is 116.2-117.8.
Japan's aluminium sector may see only relatively modest production disruptions from power outages
Aluminium is taking resistance at 117.50 and support is seen at 116.70.
Aluminium daily stocks at Shanghai exchange came down by 821 tonnes.
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