MCX Aluminium may trade between 148.7-151.7 levels
Commodity Online | April 24 2019
UPDATED 10:10:12 IST

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Technically MCX Aluminium is getting support at 149.7 and below same could see a test of 148.7 level, And resistance is now likely to be seen at 151.2, a move above could see prices testing 151.7. 

Aluminium on MCX settled up 1.04% at 150.5 following a drop in inventories last week and as investors expect a stronger demand in the second quarter. But investors are cautious about how high aluminium prices can go, as the Chinese government is unlikely to give a strong stimulus to the construction sector.

China will maintain policy support for the economy, but will also push forward structural deleveraging and prevent speculation in the property market, suggesting attention may be turning back to debt risks that any further substantial stimulus measures may create.

China?s exports of alumina rose 27.6% from a year ago to stand at 4,439 mt in March, and imports soared 233.5% year on year to 30,000 mt, according to the report from the General Administration of Customs.In the first three months of the year, alumina exports stood at 150,747 mt, up 1220.4% from a year ago, while imports dropped 13.9% year on year to come in at 160,000 mt.

The National Association of Realtors (NAR) reported that US existing home sales dropped 4.9% to a seasonally adjusted annual rate of 5.21 million units in March.Sales in February was revised down to 5.48 million units from the previously reported 5.51 million units.

Existing home sales, which make up about 90% of US home sales, declined 5.4% from a year ago. Weak US home sales reflected that rising demand stoked by declining mortgage rates and slowing house price inflation continued to be frustrated by a lack of properties.

Trading Ideas:
--Aluminium trading range for the day is 148.7-151.7.
--Aluminium gained following a drop in inventories last week and as investors expect a stronger demand in the second quarter.
--China?s exports of alumina rose 27.6% from a year ago to stand at 4,439 mt in March, and imports soared 233.5% year on year to 30,000 mt.
--In the first three months of the year, alumina exports stood at 150,747 mt, up 1220.4% from a year ago, while imports dropped 13.9% year on year.

Courtesy: Kedia Commodities