Aluminium On MCX Settled Flat At 125.95

Aluminium on MCX settled flat at 125.95 as LME markets were closed yesterday on the eve of Spring day holiday, also in absence of cues from the US markets on account of Memorial Day holiday prices moved in the range. While sentiments remain firm as global aluminium producer has offered Japanese buyers a premium of $123 per tonne for July-September primary metal shipments, down 4 percent from the current quarter, four sources directly involved in pricing talks said on Monday.

Another seller has sought premiums of $128 a tonne, flat to the price for shipments over April-June, the sources said. Japan is Asia's biggest aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

Spot premiums have softened in Japan and the United States, although some Japanese buyers face lower inventories due to solid local demand for automobiles and cans. Market players are looking ahead to this week's U.S. employment report on Friday for further signs of the Federal Reserve's likely rate hike trajectory through the end of the year.

Besides the monthly jobs report, this week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures. Technically market is getting support at 125.8 and below same could see a test of 125.20 level, And resistance is now likely to be seen at 126.1, a move above could see prices testing 126.90.

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Suhani Verma

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