Aluminium yesterday traded with the negative node and settled -0.46% down at 109.25 as US dollar failed to push up LME aluminum prices, and LME aluminum prices edged down gradually after opening at an intraday high of USD 2,422/mt, and finally closed at USD 2,413/mt, down USD 7/mt compared with the previous trading day.
LME aluminum inventories fell by 4,375 mt to 4,545,950 mt. SHFE aluminum prices opened lower today, but later rebounded rapidly.
In yesterday's trading session aluminium has touched the low of 109.2 after opening at 109.95, and finally settled at 109.25.
For today's session market is looking to take support at 108.8, a break below could see a test of 108.4 and where as resistance is now likely to be seen at 110, a move above could see prices testing 110.8.
Trading Ideas:
Aluminium trading range is 108.4-110.8.
Aluminium ended weak as US dollar failed to push up LME aluminum prices
Aluminium is taking support at 108.40 and resistance at 110.70 level.
Aluminium daily stocks at Shanghai exchange came down by 2443 tonnes
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