Aluminium rises on international market

Primary Aluminium surplus stood at 252000 tonnes in Jan-Mar 2011 as per the latest report from World Bureau of Metal Statistics (WBMS).

The primary Aluminium markets were in surplus of 348000 tonnes in Jan-Mar 2010. Aluminum stockpiles dropped for a tenth week, shrinking 8,523 tons to 356,646 tons, the lowest since February 2010, according to a survey of 20 warehouses in Shanghai, Guangdong, Jiangsu and Zhejiang provinces.

Aluminium has touched a low of Rs 112.55 a kg after opening at Rs 112.65, and last traded at Rs112.75.

For today market is looking for the support at 112.6, a break below could see a test of 112.5 and where as resistance is now likely to be seen at 112.9, a move above could see prices testing 113.

Trading Ideas:

Aluminium trading range is 112.5-113.

Primary aluminium surplus at 252000 tonnes in Jan-Mar 2011: WBMSAluminium is taking resistance at 113.80 and support is seen at 111.50Aluminium weekly stocks at Shanghai exchange came down by 8523 tonnes.