Aluminium On MCX Settled Up 0.36%

Aluminium on MCX settled up 0.36% at 125.35 after LME aluminium ended up 1.1 percent at $1,943.50 thanks to dollar weakness. China's economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal. The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country's top economic planning agency.

Global primary aluminum market was in a deficit of 356,000 tonnes in Q1 2017, compared with a staggering shortage of 1.12 million tonnes in the whole of 2016, according to latest data from World Bureau of Metal Statistics (WBMS). Primary aluminum demand worldwide was 15.05 million tonnes in Q1 2017, up 1.15 million tonnes from a year ago. Primary aluminum output in China was estimated at 8.2 million tonnes in Q1, 56% of global output, WBMS data showed.

Global Aluminium production climbed during January to March this year by 7.2 per cent compared with the first three months of 2016, according to the latest data released by the World Bureau of Metal Statistics. Chinese output was estimated at 8201 kilo ton and this currently accounts for just under 56 per cent of the world production total. Chinese apparent demand was 13 per cent higher than 2016.

China’s aluminum output rose 7.6% year-on-year to 2.77 million tonnes in April, latest data from the National Bureau of Statistics (NBS) showed. Technically market is under short covering as market has witnessed drop in open interest by -8.06% to settled at 2726 while prices up 0.45 rupees, now Aluminium is getting support at 124.5 and below same could see a test of 123.7 level, And resistance is now likely to be seen at 126, a move above could see prices testing 126.7.

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Suhani Verma

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