Commodity online Jan 04---Aluminum yesterday traded with the positive node and settled 0.54% up at 111.4 as US dollar index slipped gradually after opening at 79.45 on December 31st, and finally closed at 79.96, down 0.62%.
The weaker US dollar and stronger LME copper prices allowed LME aluminum prices to rally.
SHFE aluminum prices opened higher, but the heavy pressure caused SHFE aluminum prices to retreat, with any gains in SHFE aluminum prices mainly depending on other base metals price trends.
For today's session market is looking to take support at 111, a break below could see a test of 110.5 and where as resistance is now likely to be seen at 111.8, a move above could see prices testing 112.2.
Trading Ideas:
Aluminium trading range is 110.5-112.2.
Aluminum yesterday traded with the positive node and settled 0.54% up
Aluminum is taking resistance at 112.80 and support is seen at 110.
Aluminium below 110 looks weak as profit is expected
BUY ALUMINIUM JAN @ 109.50-110 SL 108.50 TGT 111-112.20-113.MCX
YESTERDAY LME STOCK FOR ALUMINIUM CAME UP BY 8025
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