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MCX Aluminium under fresh buying; Support seen at 134.4
Commodity Online | September 13 2017
UPDATED 12:08:03 IST

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Technically Aluminium market is under fresh buying as market has witnessed gain in open interest by 3.9% to settle at 3623 while prices up 1 rupees.

Now MCX Aluminium is getting support at 134.4 and below same could see a test of 133.2 levels and resistance is now likely to be seen at 136.2, a move above could see prices testing 136.8.

Aluminium on MCX settled up 0.74% at 135.5 amid a wave of bargain hunters buying up on recent price dips as financial markets responded positively to easing of Hurricane Irma. News that North Korea’s anniversary celebrations on the weekend passed without a new missile test also spurred renewed investment in commodities.

Helping to support metals was data at the weekend showing China’s producer price inflation accelerated more than expected to a four-month high in August, pointing to strong, sustained growth for both factory profits and the economy.

 Aluminum premiums to buyers in Japan might fall only slightly in Q4 from Q3’s level thanks to higher premiums in the US and contango on the LME. Last week, two producers offered premiums to Japanese buyers at $100/tonne and $110/tonne, respectively, for delivery in Q4, CIF Japan, lower than Q3’s $118-119/tonne.

China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam. China's consumer price inflation rose more than expected in August and producer prices advanced on higher raw material costs, data from the National Bureau of Statistics showed over the weekend.

Consumer price inflation accelerated to 1.8 percent in August from 1.4 percent in July. This was the fastest since January and exceeded the expected level of 1.6 percent.

Trading Ideas:
--Aluminium trading range for the day is 133.2-136.8.
--Aluminium gains amid a wave of bargain hunters buying up on recent price dips as financial markets responded positively to easing of Hurricane Irma.
--News that North Korea’s anniversary celebrations on the weekend passed without a new missile test also spurred renewed investment in commodities.
--China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam.

Courtesy: Kedia Commodities

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