Aluminium On MCX Settled Down -0.32%

Aluminium on MCX settled down -0.32% at 125.9 tracking LME prices as pressure seen after rise in LME warehouse stocks by 25900 tonnes. Pressure also seen as Chinese exports of semi-finished products rose 8.1 per cent in April to 380,000 tonnes. 

However downside seen limited as uncertainty over future production in China, which produces more than half the world's aluminium, is the single most important reason why the London metal price is up 14.5 percent this year, outstripping all the other major industrial metals. But all that lies ahead and right now, it seems, China's aluminium production machine is cranking back up again. 

Cumulative output so far this year has risen by 12.5 percent to 11 million tonnes. Total primary aluminium production across the globe in April was about 5 mln tn, down 0.3% on month, according to data released by the International Aluminium Institute. The aluminium body represents over 60% of global bauxite, alumina, and aluminium producers. Output in China, the world's largest aluminium producer, rose 2.2% on month to 2.8 mln tn in April, according to the data.

Earlier this month, RUSAL Plc Chief Executive Officer Vladislav Soloviev had said that global aluminium demand is on track to grow by 5% to 62.7 mln tn in 2017, supported by positive economic developments globally. Traders in China, the United States and the United Kingdom will be absent for national holidays on Monday.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.06% to settled at 1947 while prices down -0.4 rupees, now Aluminium is getting support at 125.5 and below same could see a test of 125 level, And resistance is now likely to be seen at 126.7, a move above could see prices testing 127.4.

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Suhani Verma

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