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Aluminium declines on international market
Edited by : AL CIRCLE
2 min read
Aluminium yesterday traded with the negative node and settled -0.72% down at 117.5 on thursday after the US Labor Dept announced that the number of application for jobless benefits fell to 422k in the week ending May 28th, but the decline was below expectation.
The US Commerce Dept announced that factory orders in April slipped by 1.2%, also below expectation.
The string of weak economic data show the US economic outlook is dim. Moody's warned the US govt that its sterling credit rating could be downgraded in the next few weeks if there is no progress in Washington on reaching a deal to increase the nation's borrowing limit.
Meanwhile, the EU said it will help Greece ease Greece’s debt crisis, helping boost the Euro to hit a high of 1.45. As a result, the US dollar index dipped continuously, and finally closed at 74.325, down 0.63%. Finally, LME aluminum prices closed at USD 2,623/mt, down 0.49%.
In yesterday's trading session aluminium has touched the low of 116.7 after opening at 118.1, and finally settled at 117.5.
For today's session market is looking to take support at 116.2, a break below could see a test of 115 and where as resistance is now likely to be seen at 119.2, a move above could see prices testing 121.
The US Commerce Dept announced that factory orders in April slipped by 1.2%, also below expectation.
The string of weak economic data show the US economic outlook is dim. Moody's warned the US govt that its sterling credit rating could be downgraded in the next few weeks if there is no progress in Washington on reaching a deal to increase the nation's borrowing limit.
Meanwhile, the EU said it will help Greece ease Greece’s debt crisis, helping boost the Euro to hit a high of 1.45. As a result, the US dollar index dipped continuously, and finally closed at 74.325, down 0.63%. Finally, LME aluminum prices closed at USD 2,623/mt, down 0.49%.
In yesterday's trading session aluminium has touched the low of 116.7 after opening at 118.1, and finally settled at 117.5.
For today's session market is looking to take support at 116.2, a break below could see a test of 115 and where as resistance is now likely to be seen at 119.2, a move above could see prices testing 121.
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