Aluminium On MCX Settled Down

Aluminium on MCX settled down -0.56% at 123.9 and is the only counter in base metals prices dropped as the markets geared up for an expected increase to U.S. interest rates this month. The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.

The Aluminum Association filed antidumping and countervailing duty petitions with the Department of Commerce and the International Trade Commission charging that unfairly traded imports of certain aluminum foil from China are causing material injury to the domestic industry China's factory output and fixed-asset investment grew more strongly than expected in the first two months of the year, but retail sales disappointed after the government reduced a tax break on small cars.

Industrial output rose 6.3 percent in January-February from the same period a year earlier, fixed-asset investment 8.9 percent and retail sales 9.5 percent. The overall readings are likely to reinforce views that the world's second-largest economy is on a steady growth path, despite worries about the risks of slightly tighter credit policy this year and a surge in U.S. trade protectionism.

China's property sales surged in the first two months of the year despite government measures to cool the market, though growth in real estate investment showed signs of easing, according to official data. Property sales by area rose 25.1 percent year-on-year in January and February. Technically market is under fresh selling as market has witnessed gain in open interest by 6.45% to settled at 1800 while prices down -0.7 rupees, now Aluminium is getting support at 123.3 and below same could see a test of 122.5 level, And resistance is now likely to be seen at 125.4, a move above could see prices testing 126.7.

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Suhani Verma

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