Aluminium On MCX Settled Down -0.08%

Aluminium on MCX settled down -0.08% at 124.8 as pressure seen amid growing supply and weakening demand. Growing anti-dumping investigations and high anti-dumping duty took a heavy toll on exports by China’s leading aluminum extrusion producer. Aluminum extrusion exports by the leading producer fell 28.6% year-on-year to 120,534 tonnes in Q1. Customs data showed China’s exports of aluminum extrusion plunged 37.91% year-on-year in April.

Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in almost two years, a private survey showed, in a sign that domestic consumption is in a healthy state. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53.0 in May as new business, outstanding business and hiring expanded.

China's services sector grew at a slower pace in June as new orders slumped, signaling renewed pressure on businesses after a pickup in May and pointing to a softening outlook for the economy, a private business survey showed. The findings reinforced analyst views that the world's second-largest economy is cooling after a strong start to the year, as Beijing cracks down on easy credit to contain a dangerous build-up in debt and defuse financial risks.

Technically market is under long liquidation as market has witnessed drop in open interest by -8.14% to settled at 1434 while prices down -0.1 rupees, now Aluminium is getting support at 124.1 and below same could see a test of 123.3 level, And resistance is now likely to be seen at 125.3, a move above could see prices testing 125.7

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Suhani Verma

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