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MCX Aluminium under fresh buying; Resistance seen at 130.8
Commodity Online | August 11 2017
UPDATED 12:04:45 IST

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Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 2.19% to settle at 4759 while prices up 1 rupee.

Now Aluminium is getting support at 128.7 and below same could see a test of 127.6 level, And resistance is now likely to be seen at 130.8, a move above could see prices testing 131.8.

Aluminium on MCX settled up 0.78% at 129.80 tracking firmness from LME aluminium prices which hovered near its highest in more than two years above $2,000 a tonne.

Aluminium prices extended gains in yesterday’s session to strike its highest since 2012, with investors flooding into the market on prospects that capacity closures in the world's top producer would tighten supply.

Sentiments improved after China's push for blue skies is roiling supplies and boosting prices of key raw materials from soymeal to ferroalloys as the government ramps up smog checks and forces some factories in the world's top commodities market to close or suspend operations.

Also China's top aluminium foil producers are preparing a legal defence challenging a preliminary U.S. ruling on Wednesday that would impose hefty penalties on imports from the world's top producers, two sources familiar with the matter said.

Traders are also caution after the overnight update that North Korea dismissed as a "load of nonsense" warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States. It outlined detailed plans for a missile strike near Guam.

Guam, which is more than 3,000 km (2,000 miles) to the southeast of North Korea, is home to about 163,000 people and a U.S. Navy base that includes a submarine squadron and a Coast Guard group, and an air base.

Trading Ideas:
--Aluminium trading range for the day is 127.6-131.8.
--Aluminium gains with investors flooding into the market on prospects that capacity closures in the world's top producer would tighten supply.
--China's top aluminium foil producers are preparing a legal defence challenging a preliminary U.S. ruling that would impose hefty penalties on imports.
--Shanghai aluminium futures Open interest flew to a record-high around 900,000 lots and was up by 50 percent since Aug. 1.

Courtesy: Kedia Commodities

 

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