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Aluminium MCX Trading Zone 103-107

Aluminium MCX Trading Zone 103-107Neal Bhai Reports — Aluminium MCX Trading Zone 103-107 — Aluminium on MCX settled down -0.57% at 104.85 as weakness in LME prices pressured given falling spot aluminum premiums overseas. Growing aluminum supply in China will pressure aluminum , but still low stocks will offer some support. Trading in domestic spot market will improve due to downstream stocking before upcoming Mid-Autumn Festival. China disrupted the global aluminum market when it became the world’s biggest producer of the metal, creating a surplus that forced competitors to shutter as profits plummeted.

German exports fell unexpectedly in July, posting their steepest drop in nearly a year, while earlier in the week industrial orders were weaker than expected. After a reading of China’s manufacturing industry beat expectations last month, markets will be watching for a sustained improvement in industrial production figures out next week. China’s consumer price inflation slowed to its weakest pace in almost a year in August, data showed. China exported 390,000 mt of unwrought aluminum in July, down 9.3% from July of last year.

Chinese aluminum exports have fallen around 7% for the first seven months of 2016. Lower aluminum exports are supporting aluminum prices this year. According to data released by the International Aluminum Institute, China’s aluminum production declined 2.4% in July compared to the same month last year. Technically market is under fresh selling as market has witnessed gain in open interest by 13.54% to settled at 6055 while prices down -0.6 rupee, now Aluminium is getting support at 103 and below same could see a test of 104 level, and resistance is now likely to be seen at 105.5, a move above could see prices testing 107. — goldislverreports.com

Aluminium MCX Trading Zone 103-107

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