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Aluminium market under long liquidation; Support seen at 122.8
Commodity Online | July 17 2017
UPDATED 11:41:16 IST

MCX Cotton likely to trade in a range between 18147-18527

MCX CPO under long liquidation: Support seen at 537.8

NCDEX Ref.Soya oil likely to trade in a range between 672-678

Mentha Oil market under long liquidation; Support seen at 1165.8

MCX Aluminium likely to trade in a range between 135.1-143.1

Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 6.51% to settle at 2025.

Now MCX Aluminium is getting support at 122.8 and below same could see a test of 122.3 levels, and resistance is now likely to be seen at 123.8, a move above could see prices testing 124.3.

Aluminium prices dropped on profit booking after prices rallied amid concerns over potential supply curbs by top producer China. Talk that more capacity cuts were on the way in China fed into broader-based concerns over slowing output to push prices higher, analysts said.

An industry association said last month that China will launch a crackdown to curb the illegal expansion of production capacity. Aluminium stocks at three major Japanese ports stood at 260,200 tonnes at the end of June, down 2.1 percent compared with the previous month.

Russian producer Rusal expects the global aluminium deficit to widen to between 1.7 million tonnes and 1.8 million tonnes in 2018 from 1.3 million tonnes in 2017. Alcoa-the global industry leader in alumina and aluminum products has announced plans to partially restart operations at Warrick Operations aluminum smelter in Evansville, Indiana, after almost a year of closure.

The proposed restart is expected to ensure supply to Warrick Operations’ rolling mill, thereby improving the competitiveness of the mill. As per Alcoa press release, three out of five potlines will be restarted initially.

 It must be noted that the company had closed the Warrick smelter operations in March last year. According to company press release, the work to restart three lines will commence soon and is expected to be completed by second quarter next year. The molten metal from the smelter will be fed to Warrick rolling mill and is expected to contribute to the planned increase in production from the mill.

Trading Ideas:
-- Aluminium trading range for the day is 122.3-124.3.
--Aluminium prices dropped on profit booking after prices rallied amid concerns over potential supply curbs by top producer China.
--Aluminium stocks at three major Japanese ports stood at 260,200 tonnes at the end of June, down 2.1 percent compared with the previous month.
--Alcoa has announced plans to partially restart operations at Warrick Operations aluminum smelter in Evansville, Indiana, after almost a year of closure.

Courtesy: Kedia Commodities

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