Aluminium yesterday traded with the negative node and settled -0.46% down at 118.3 on Thursday after the BOE announced to keep interest rate unchanged at 0.5%, which was in line with market expectations.
The ECB decided to keep its main interest rate unchanged at 1.25%, and ECB president said at a post-decision press conference that the ECB's position on inflation is one of "(strong) vigilance”, a signal of a possible rate hike in July.
However, investor concerns that the deteriorating Greece’s debt crisis will increase default risks in Ireland, Portugal, and other EZ offset positive impact from interest rate hike on the market, and the Euro dipped as a result.
LME aluminum prices moved above the 5dma during Asian trading hours positively affected by strong SHFE aluminum prices, but later fell below the 5-dma due to a stronger US dollar, with trading volumes shrinking by 22%.
LME aluminum prices moved on a downward track technically, with prices finally closing at USD 2,655/mt down USD 12.8/mt or 0.48%.
For 10, Jun's session market is looking to take support at 117.8, a break below could see a test of 117.2 and where as resistance is now likely to be seen at 119.1, a move above could see prices testing 119.9.
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