Commodity Online
MCX aluminium to jump on positive global cues
Edited by : AL CIRCLE
2 min read
Aluminium yesterday traded with the positive node and settled 0.4% up at 112.6 tracking LME three-month aluminum closed at USD 2,281/mt, a recent high on Monday as progress in Greek debt strengthened the euro to boost investor confidence.
Commodities have stepped in a downward track as the Greek debt crisis has temporarily settled down and US officials showed confidence in recovery of its economy. Greek bonds got initial value of 21.75% in swap auction Monday, in accordance with market expectations, and an indication Greek debt issues would not threaten the euro zone over the near term.
In response, the euro moved higher, and caused the US dollar to fall further. Both Crude Oil and Gold prices posted a gain of 1%, while US equity markets closed up along with growing market sentiment.
LME prices thus climbed stably in the US and European trading session, However, recent situations in Spain and Portugal have worried investors, keeping their market activity low. The US dollar will mainly fluctuate following the previous day's drops.
In yesterday's trading session Aluminium has touched the low of 111.75 after opening at 112.1, and finally settled at 112.6.
For today's session market is looking to take support at 112, a break below could see a test of 111.3 and where as resistance is now likely to be seen at 113, a move above could see prices testing 113.4.
Trading Ideas:
Aluminium trading range for the day is 111.33-113.43.
Aluminium gained as progress in Greek debt strengthened the euro to boost investor confidence
Oversupply, slower demand and higher costs have dealt a heavy blow to aluminium producers
Recent situations in Spain and Portugal have worried investors, keeping their market activity low
Commodities have stepped in a downward track as the Greek debt crisis has temporarily settled down and US officials showed confidence in recovery of its economy. Greek bonds got initial value of 21.75% in swap auction Monday, in accordance with market expectations, and an indication Greek debt issues would not threaten the euro zone over the near term.
In response, the euro moved higher, and caused the US dollar to fall further. Both Crude Oil and Gold prices posted a gain of 1%, while US equity markets closed up along with growing market sentiment.
LME prices thus climbed stably in the US and European trading session, However, recent situations in Spain and Portugal have worried investors, keeping their market activity low. The US dollar will mainly fluctuate following the previous day's drops.
In yesterday's trading session Aluminium has touched the low of 111.75 after opening at 112.1, and finally settled at 112.6.
For today's session market is looking to take support at 112, a break below could see a test of 111.3 and where as resistance is now likely to be seen at 113, a move above could see prices testing 113.4.
Trading Ideas:
Aluminium trading range for the day is 111.33-113.43.
Aluminium gained as progress in Greek debt strengthened the euro to boost investor confidence
Oversupply, slower demand and higher costs have dealt a heavy blow to aluminium producers
Recent situations in Spain and Portugal have worried investors, keeping their market activity low
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