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Aluminium weakens on overseas market
Edited by : AL CIRCLE
1 min read
Aluminium yesterday traded with the negative node and settled -0.8% down at 111.85 after the preliminary HSBC data shows that the PMI in manufacturing sector during May slipped to a 10-month low, triggering investor concerns over China’s economic growth.
Fitch Ratings cut Greece's credit rating by three levels to B+, four levels below investment grade, from BB+, and S&P’s downgraded its outlook for Italy’s credit rating from stable to negative, both weighing down the euro and boosting the US dollar index.
The US dollar index opened at 75.76 and closed at 75.69, down 0.92%. Weak economic data and stronger US dollar drove LME aluminum prices down. LME aluminum prices slipped all the way to a low of USD 2,465/mt after opening at USD 2,506/mt, and rallied slightly at the tail of trading, with prices finally closing at USD 2,484/mt, down USD 18/mt compared with the previous trading day.
For today's session market is looking to take support at 111.2, a break below could see a test of 110.6 and where as resistance is now likely to be seen at 112.5, a move above could see prices testing 113.2.
Fitch Ratings cut Greece's credit rating by three levels to B+, four levels below investment grade, from BB+, and S&P’s downgraded its outlook for Italy’s credit rating from stable to negative, both weighing down the euro and boosting the US dollar index.
The US dollar index opened at 75.76 and closed at 75.69, down 0.92%. Weak economic data and stronger US dollar drove LME aluminum prices down. LME aluminum prices slipped all the way to a low of USD 2,465/mt after opening at USD 2,506/mt, and rallied slightly at the tail of trading, with prices finally closing at USD 2,484/mt, down USD 18/mt compared with the previous trading day.
For today's session market is looking to take support at 111.2, a break below could see a test of 110.6 and where as resistance is now likely to be seen at 112.5, a move above could see prices testing 113.2.
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