11 MAY 2011www.steelguru.com
Imports of aluminum turn negative in China
Edited by : AL CIRCLE
1 min read
India Infoline reported that China imports data has not given any ray of hope for the traders who were desperately awaiting the data after the yesterday's downgrade of Greece rating by S&P and unenthusiastic buying.
The monetary tightening measures in China seemed to work well for the imports. Already facing duty hikes and demand decline rate rise in China proved fatal.
Unwrought Aluminum and product imports in China stood at 76724 tonnes in April as against 87729 tonnes in March down 12.5%. The imports of Aluminum also disappointed on a yearly basis, the imports of unwrought Aluminum on yearly basis declined by 18% from 93341 tonnes on April 2010.
Meanwhile, a slowdown in Aluminum is expected as the day progresses in Indian futures markets. Aluminum for May expiry is trading at INR 116.6 per kilogram sideways in mid morning trades.
The markets are expected to find supports at INR 115.6 and INR 115 per kilogram. The prices are also near to their 200 day moving average of INR 110.8 breaching which the long-term trend will become bearish.
The monetary tightening measures in China seemed to work well for the imports. Already facing duty hikes and demand decline rate rise in China proved fatal.
Unwrought Aluminum and product imports in China stood at 76724 tonnes in April as against 87729 tonnes in March down 12.5%. The imports of Aluminum also disappointed on a yearly basis, the imports of unwrought Aluminum on yearly basis declined by 18% from 93341 tonnes on April 2010.
Meanwhile, a slowdown in Aluminum is expected as the day progresses in Indian futures markets. Aluminum for May expiry is trading at INR 116.6 per kilogram sideways in mid morning trades.
The markets are expected to find supports at INR 115.6 and INR 115 per kilogram. The prices are also near to their 200 day moving average of INR 110.8 breaching which the long-term trend will become bearish.
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