MCX Aluminium may trade between 191.7-195.3 levels
Commodity Online | June 24 2021
UPDATED 10:40:55 IST

MCX Mentha Oil likely to move in a range of 947.1-960.7

MCX Aluminium may trade between 202.5-207.7 levels

MCX Nickel likely to move in a range of 1447.1-1483.3

MCX Zinc under long liquidation; Resistance seen at 243.7

MCX Copper under fresh selling; Support seen at 724.4

Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 45.54% to settled at 2186 while prices down 0.25 rupees.

Now MCX Aluminium is getting support at 192.5 and below same could see a test of 191.7 levels, and resistance is now likely to be seen at 194.3, a move above could see prices testing 195.3.

Aluminium yesterday settled down by 0.13% at 193.15 paring gains on profit booking after seen supported as the IHS Markit US Manufacturing PMI jumped to 62.6 in June of 2021 from 62.1 in May.

The reading pointed to another record growth in factory activity amid further easings of COVID-19 restrictions. Still, supplier delays and difficulties finding suitable workers weighed on production and price pressures remain elevated due to broad-based raw material price hikes.

Global primary aluminium output rose to 5.744 million tonnes in May from revised 5.543 million tonnes in April, data from the International Aluminium Institute (IAI) showed.

China's alumina output rose 11.2% from a year earlier to 6.6 million tonnes in May, the highest on record, data from the National Bureau of Statistics showed.Aluminium stocks at three major Japanese ports rose 4.4% to 285,600 tonnes at the end of May, from 273,600 tonnes at the end of April, Marubeni Corp said.

Euro zone business growth accelerated at its fastest pace in 15 years this month as the easing of more lockdown measures and the unleashing of pent-up demand drove a boom in the bloc’s dominant services industry, a survey showed.

When the coronavirus was spreading rapidly, governments imposed strict restrictions, encouraging citizens to stay home and forcing much of the service industry to close.

Trading Ideas:
--Aluminium trading range for the day is 191.7-195.3.
--Aluminium pared gains on profit booking after prices gained as US Manufacturing PMI jumped to 62.6 in June of 2021 from 62.1 in May.
--Global aluminium output rises to 5.744 mln T in May – IAI.
--China May alumina output rose 11.2% year-on-year to 6.6 million tonnes - stats bureau.

Courtesy: Kedia Commodities
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