Aluminium yesterday traded with the positive node and settled 0.32% up at 110.75 as support from extreme right wing leaders on the new austerity plan in Greece last Friday again ignited investor worries towards a Greek default, pushing the US dollar index back above 79 and leading to short selling for commodities and stocks.
LME aluminum for three-month delivery hit an intraday low of USD 2,236/mt and pared losses supported by short covering before closing down USD 31/mt or 1.36% at USD 2,251/mt. Losses in aluminum were relatively moderate compared with other base metals in LME.
Though Greece finally approved its new austerity plan, securing the second bailout, downgrades for 34 Italian banks by Standard & Poor’s mean the Greek debt crisis remains a huge risk source. Russia exported in 2011 3.419 million metric tons of aluminum, an increase of 2.4% compared with the 2010, the federal customs service reported.
Aluminum export to countries outside the Commonwealth of Independent States in 2010 totaled 3.377 million tons worth $7.062 billion.
Aluminum exports to CIS states totaled 41,500 tons worth $96.1 million.
For today's session market is looking to take support at 110.3, a break below could see a test of 109.8 and where as resistance is now likely to be seen at 111.2, a move above could see prices testing 111.6.
Trading Ideas:
Aluminium trading range for the day is 109.75-111.55.
Aluminium settled up as support from extreme right wing leaders on the new austerity plan in Greece supported
Russia 2011 aluminum exports 2.4% up on year at 3.419m tons
Aluminium weekly stocks at Shanghai exchange came up by 23316 tonnes
Courtesy: Kedia Commodities
Looking for Agri Research? Visit research.commodityonline.com
