Brazilian aluminum production fell 2.8% to 117,200 metric tons in February on the year, the Brazilian Aluminum Association said in a statement.

Despite the overall decline in output, most companies producing the metal in Brazil showed signs of recovery from the global economic crisis late 2008 and throughout 2009.

Aluminium has touched a low of Rs 101.6 a kg after opening at Rs 101.8, and last traded at Rs101.75.

For today market is looking for the support at 101.6, a break below could see a test of 101.5 and where as resistance is now likely to be seen at 101.9, a move above could see prices testing 102.1.

Trading Ideas:

Aluminium trading range is 101.5-102.1.
Brazilian aluminum production fell 2.8% to 117,200 metric tons in February
Support for aluminium is at 100.80 and resistance is at 102.80 level.
Aluminium weekly stock at Shanghai exchange up by 6779 tonnes.
SELL ALUMINIUM MAR AT 102 SL 103.20 TGT 101.40-100.70-100.MCX

Courtesy: Kedia Commodities

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