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Aluminium market under short covering; Support seen at 137
Commodity Online | November 14 2017
UPDATED 12:36:14 IST

NCDEX Mustard Seed under short covering

MCX Crude Palm Oil under long liquidation

MCX Natural Gas may trade in a range between 181.1-196.9

MCX Crude Oil expected to trade between 3709-3859 levels

MCX Silver expected to trade in a range between 39231-39649

Technically Aluminium market is under short covering as market has witnessed drop in open interest by 1.3% to settled at 2962 while prices up 0.65 rupees.

Now Aluminium is getting support at 137 and below same could see a test of 136.1 levels and resistance is now likely to be seen at 138.6, a move above could see prices testing 139.3.

Aluminium on MCX settled up 0.47% at 137.85 tracking firmness from LME aluminium edged up 0.2 percent to $2,106 as support seen on the expectation that Chinese data this month is expected to show the world's second-biggest economy and biggest metals consumer cooled further in October as policymakers harden efforts to reduce financial risks and foster long-term sustainable growth.

While China’s winter heating season has arrived and the aluminium market is still struggling to work out what impact it will have on the country’s production. Also Russian aluminium giant Rusal beat forecasts with a 30 percent jump in third-quarter core earnings on Monday, helped by higher aluminium prices and rising sales of value added products.

Meanwhile Japan’s aluminium industry may consider crafting sector-wide quality assurance guidelines if it gets requests from member companies in the wake of the data fabrication scandal that has engulfed Japan’s Kobe Steel Ltd. Alumina demand, meanwhile, is a function of smelter operating rates, embedding the alumina price between two “known unknowns”.

With all eyes on China and how its producers fare over the next few months of mandated capacity closures, there is growing speculation about potential smelter restarts in the rest of the world. Right now, however, to judge by the mood at last week’s conference, there is little chance of any would-be restart sourcing sufficient carbon anode to re-energise its potlines.

Trading Ideas:
--Aluminium trading range for the day is 136.1-139.3.
--Aluminium gains as industrial consumers bought metal to guard against further price gains and speculators also piled in.
--Japan aluminum industry may consider crafting quality assurance guidelines after Kobe Steel scandal.
--The total output of alumina in October (31 days) is 6.02 million tonnes, rising 14.5% on yearly basis.

Courtesy: Kedia Commodities

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