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Aluminium market under fresh selling; Resistance seen at 131.5
Commodity Online | December 07 2017
UPDATED 11:51:47 IST

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Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 20.25% to settled at 4608 while prices down 1.8 rupees.

Now MCX Aluminium is getting support at 129.6 and below same could see a test of 128.8 levels and resistance is now likely to be seen at 131.5, a move above could see prices testing 132.6.

Aluminium on MCX settled down 1.36% at 130.2 as winter production cuts in China turned out to be less severe than expected. China could see a weaker first half of 2018 and as investors looked to reduce their long exposure before the end of this year.

Confidence among Japanese manufacturers held firm in December and service-sector sentiment rose for a second straight month, underscoring steady economic growth driven by both external and domestic demand.

China should priorities financial stability above development goals, as pursuit of regional growth targets and helping firms avoid heavy job losses had led to a surge in debt, particularly at local government level, the International Monetary Fund said.

China will "significantly" widen market access for foreign investors, state radio quoted vice premier Wang Yang as saying, following a recent move to raise foreign ownership limits in local financial firms. Labor productivity in the U.S. saw a notable increase in the third quarter, according to a revised report released by the Labor Department.

The report said labor productivity jumped by 3.0 percent in the third quarter, unchanged from the preliminary estimate.  China's private sector growth momentum improved marginally in November, survey results from IHS Markit revealed.

The Caixin composite output index rose to 51.6 in November from October's 16-month low of 51.0. The Caixin PMI readings in November showed the economy has maintained stability and there was no imminent risk of a significant decline in its growth rate.

Trading Ideas:
--Aluminium trading range for the day is 128.8-132.6.
--Aluminium prices dropped as winter production cuts in China turned out to be less severe than expected.
-- China could see a weaker first half of 2018 and as investors looked to reduce their long exposure before the end of this year.
-- A raft of Chinese data in coming weeks is expected to show that the economy came under growing pressure in November.

Courtesy: Kedia Commodities

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