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Kedia Commodity offers tips for Aluminium Commodity Trading
Edited by : AL CIRCLE
2 min read
Aluminium yesterday traded with the positive node and settled 0.28% up at 106.1 as US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support the reserve currency while Spanish debt causes worries towards the euro zone debt crisis to stay. LME aluminum moved within a narrow band between USD 2,062.5-2,082.5/mt and settled up USD 9/mt or 0.43% at USD 2,079/mt. LME aluminum stocks dropped 7,425 mt to 5,045,275 mt. The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe. LME aluminum to test the 10-day moving average and move between USD 2,050-2,100/mt during today's trading. Later, data revealed Germany bond yields hit a historical high, while Spanish 10-year bond yields soared above 6% for the first time this year. The Spanish government also acknowledged the second round of recession was possible since 2009, heightening market fears over the European debt crisis. In response, LME prices experienced a wave of rapid slides along with other risky assets such as crude oil and the euro, losing again. However, the US announced the higher-than-expected increases in March's retail sales at the tail of trading, reassuring market investors somehow. Furthermore, the euro also rebounded from early low levels as short investors took profit-taking, which pushed up LME prices. For today's session market is looking to take support at 105.7, a break below could see a test of
105.2 and where as resistance is now likely to be seen at 106.5, a move above could see prices testing 106.9.
Trading Ideas:
Aluminium trading range for the day is 105.2-106.9.
Aluminium settled 0.28% up as US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support
The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe.
The Spanish government also acknowledged the second round of recession was possible since 2009
Trading Ideas:
Aluminium trading range for the day is 105.2-106.9.
Aluminium settled 0.28% up as US dollar index stayed near 80 as better-than-expected retail sales in the US continue to support
The US dollar may strengthen further in the near term as Spain continues to stir worries towards debt stability in Europe.
The Spanish government also acknowledged the second round of recession was possible since 2009
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