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Aluminium market under long liquidation; Support seen at 133.2
Commodity Online | September 14 2017
UPDATED 12:12:02 IST

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Technically Aluminium market is under long liquidation as market has witnessed drop in open interest by 24.18% to settled at 2747 while prices down 1.4 rupees.

Now MCX Aluminium is getting support at 133.2 and below same could see a test of 132.3 levels and resistance is now likely to be seen at 135.1, a move above could see prices testing 136.1.

Aluminium on MCX settled down -1.03% at 134.10 tracking weakness from LME aluminium which was down by 1.3 percent at $2,110 as nervousness about demand in China and a higher dollar impacted.

Overall prices seen rise was as a result of the increasingly divergent levels of supply and demand in the sector, arising in large part thanks to capacity cuts at smelters in the People’s Republic of China.

Sentiments gained as China's primary aluminium production fell for a second successive month in August to its lowest level since April 2016, as capacity cuts continued to affect supply, official data showed on Thursday.

While Aluminium output fell 3.7 percent year on year to 2.64 million tonnes last month, which was also down from 2.69 million tonnes in July, according to data released by the NBS.

The August number is the lowest monthly total since production of 2.57 million tonnes in April 2016, the data showed. In the first eight months of the year, China produced 22.17 million tonnes of aluminium, up 6.1 percent from the same period last year.

China's overall non-ferrous output was down 2.2 percent year on year at 4.42 million tonnes in August. This was down from 4.47 million tonnes in July 2017 and the lowest since July 2016.

Trading Ideas:
--Aluminium trading range for the day is 132.3-136.1.
--Aluminum stocks grew a lot at three major ports in Japan at the end of August, stocks totaled 282,600 tonnes.
--Aluminum premiums to buyers in Japan might fall only slightly in Q4 from Q3’s level thanks to higher premiums in the US and contango on the LME.
--Hefty supply of metals was outweighing expectations that a flurry of data over the next few weeks will underscore a strong second-half economic outlook for China.

Courtesy: Kedia Commodities

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