Live Spot Prices
Silver ( MCX ) 40190 | Gold ( MCX ) 29810 | Copper ( MCX ) 439.85 | Cotton ( MCX ) 18420 | Guar Seed ( NCDEX ) 3625 | Cotton Seed ( NCDEX ) 1593 | Sugar M ( NCDEX ) 3271
 
Support seen at 119.9 for MCX Aluminium
Commodity Online | June 19 2017
UPDATED 12:27:33 IST

Support seen at 1001.4 for MCX Cardamom

Mentha Oil market under fresh selling; Support seen at 1601.4

Long liquidation seen in MCX Aluminium; Support seen at 135.7

Resistance seen at 19770 for NCDEX Jeera

MCX Zinc expected to trade in a range between 204.2-210

Technically now Aluminium is getting support at 119.9 and below same could see a test of 119.5 level, And resistance is now likely to be seen at 120.9, a move above could see prices testing 121.5.

Aluminium on MCX settled down -0.37% at 120.25 as commissioning of new capacity added to market supply, while consumption is softening.

Rusal said that it plans to expand annual aluminum output from 2016’s level by 19% to 4.4 million tonnes by 2021, citing growth in global demand.

The global aluminum giant predicts global aluminum demand will grow 13.5 million tonnes to 73.2 million tonnes over the next five years. Annual aluminum consumption is 1.4 million tonnes in Russia at present.

China’s primary aluminum production rose on a year-on-year-basis in May, data from the National Bureau of Statistics (NBS) showed.

Output was 2.83 million tonnes in May, up 4.2% from a year ago, and totaled 13.86 million tonnes during January-May, up 8.8% from a year ago, according to NBS data.

National Bureau of Statistics (NBS) data showed China’s alumina output rose significantly in May. Alumina production nationwide grew 19.6% year-on-year to 6.44 million tonnes in May, and surged 20.8% year-on-year to 30.9 million tonnes in the first five months of this year.

China’s housing market is cooling down following a series of restrictive policy, and such condition is expected to be continuing during the rest of the year.

Data showed China's economy generally remained on a solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in the coming months.

The number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labour market slack that could allow the Fed to raise interest rates again this year despite moderate inflation growth.

Trading Ideas:

--Aluminium trading range for the day is 119.5-121.5.

--Aluminium prices dropped as commissioning of new capacity added to market supply, while consumption is softening.

-- Rusal said that it plans to expand annual aluminum output from 2016’s level by 19% to 4.4 million tonnes by 2021, citing growth in global demand

--China’s primary aluminum production rose on a year-on-year-basis in May, data from the National Bureau of Statistics (NBS) showed

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 8.2 9500.00
Coconut Oil 4 20700.00
Arecanut 7.6 25000.00
Sugar NR 4400.00

More