Aluminium yesterday traded with the positive node and settled 0.8% up at 119. Some support had been seen from the LME stock also which came down by -3275mt, the total stock at LME is now at 4702825mt.
LME aluminium stocks fell 3,275 tonnes to 4,702,825 tonnes, off a record high of 4.71 million tonnes, while cancelled warrants, the metal tagged for removal from warehouses surged by more than 70,000 tonnes.
In yesterday's trading session aluminium has touched the low of 118 after opening at 118.1, and finally settled at 119.
For today's session market is looking to take support at 118.1, a break below could see a test of 117.2 and where as resistance is now likely to be seen at 119.8, a move above could see prices testing 120.6.
Trading Ideas:
Aluminium trading range is 117.2-120.6.
Russia's aluminum output fell by 0.1% in January to April compared with the same months of 2010
Aluminium is taking resistance at 119.80 and support is seen at 118.10.
Aluminium weekly stocks at Shanghai exchange came down by 23448 tonnes.
豫公网安备41010502003434号