Commodity Trading Tips for Aluminium by KediaCommodity

Aluminium yesterday traded with the negative node and settled -0.19% down at 105.35 tracking LME aluminum opened at USD 2,016/mt and closed 1.72% or USD 34.8/mt lower at USD 1,984/mt on Wednesday as optimism disappeared among in European asset investors, due to climbing Italian debt yields, remaining weak Chinese demand, the weakening Euro and the Strengthening US dollar. The metal saw the heaviest loss this week. LME aluminum stocks surged again by 20,825 mt to 4,971,375 mt. Investors’ confidence is slipping amid concern towards European liquidity after Christmas and worrying Italian sovereign debt. If no support comes from the news side, LME aluminum is expected to slip further and trade between USD 1,970-2,010/mt during today’s trading. Japan's leading stock index fell more than 1 percent on Thursday ahead of an Italian debt sale that could prove challenging in thin volumes, and Tokyo equities were seen as having more room to fall as players cut positions heading into the year-end. In yesterday's trading session aluminium has touched the low of 105.1 after opening at 106, and finally settled at 105.35. For today's session market is looking to take support at 104.8, a break below could see a test of 104.3 and where as resistance is now likely to be seen at 106.2, a move above could see prices testing 107.1.

Trading Ideas:

Aluminium trading range is 104.3-107.1.

Aluminium yesterday traded with the negative node an as optimism disappeared among in asset investors

NOV total aluminium inventories fall to 2.394 mt vs 2.434mt in Oct - IAI

Aluminium daily stocks at Shanghai exchange came down by 1018 tonnes