Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 1.84% to settled at 1163.
Now MCX Aluminium is getting support at 146.5 and below same could see a test of 144.8 level, And resistance is now likely to be seen at 149.2, a move above could see prices testing 150.2.
Aluminium on MCX settled up 1.02% at 148.1 as support seen after Norsk Hydro, was sustaining a cyber-attack that affected its operations. Primary aluminium stocks at the three main Japanese ports (MJP) increased by 5,200 tonnes or 1.7% month on month in February 2019 but had risen 17.5% compared with February 2018.
China's production of primary aluminium in January-February increased 5% year on year, to stand at 5.69 million mt, showed data by the National Bureau of Statistics (NBS). NBS data also showed that domestic output of ten nonferrous metals for the first two months of the year gained 6.2% from last year and registered 9.03 million mt.
China will cut value-added tax (VAT) on April 1 and lower social security fees on May 1, said Premier Li Keqiang in a news conference. He said China needs further tax cuts and other strong measures to cope with downward pressure on the economy. On Tuesday March 5, Premier Li Keqiang said in his government work report that China will cut the VAT for the manufacturing sector by 3 percentage points to 13%.
The VAT for transport and construction will also be cut from 10% to 9%.Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.755 million mt up 1,000 mt from, data showed. A buildup of stocks in Guangdong, in the amount of 13,000 mt, contributed to the gains in overall stocks over the weekend.
--Aluminium trading range for the day is 144.8-150.2.
--Aluminium prices gained as support seen after Norsk Hydro, was sustaining a cyber-attack that affected its operations.
--Primary aluminium stocks at the three main Japanese ports increased by 5,200 tonnes or 1.7% month on month in February 2019.
--China January to February alumina output rises 12.3 percent from a year earlier at 12.01 mln tonnes, the National Bureau of Statistics said.
Courtesy: Kedia Commodities