Aluminium On MCX Settled Down -0.08%

Aluminium on MCX settled down -0.08% at 122.4 mostly shrugging off disruption in exports from a plant in Qatar part-owned by Norway's Norsk Hydro. While global demand for aluminum is growing by 2-3% per year, demand from automobile industry looks set to increase 14% every year. Traders brushed aside news that Qatar's exports of the metal had been blocked and focused instead on weak Chinese demand and rising geopolitical tensions.

While Norway's Norsk Hydro said it was seeking other routes for its aluminium exports from Qatar, which have been blocked as a result of a diplomatic rift between the Gulf country and several Arab states. Norsk Hydro and state-owned Qatar Petroleum each own 50 percent of the Qatalum joint venture, which produces more than 600,000 tonnes of primary aluminium per year.

China's economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment as economic ties with the United States take a positive turn and infrastructure spending cushions domestic growth. Japan's economic growth in the January-March period was severely revised down from the original estimate because of a downward adjustment in business inventories, the Cabinet Office said, underscoring the fragility of its export-led expansion.

British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks, with her personal authority at stake. Technically market is under long liquidation as market has witnessed drop in open interest by -8.36% to settled at 1304 while prices down -0.1 rupees, now Aluminium is getting support at 121.9 and below same could see a test of 121.4 level, And resistance is now likely to be seen at 123, a move above could see prices testing 123.6.

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Suhani Verma

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