Aluminium MCX Under Fresh Selling Support Zone at 121

Gold Silver Reports ✅ — Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 8.98% to settled at 2063 while prices down 1.4 rupees.

Now MCX Aluminium is getting support at 121 and below same could see a test of 120.40 level, And resistance is now likely to be seen at 125.10, a move above could see prices testing 127.70.  

Aluminium on MCX settled down 1.13% at 122.35 tracking LME prices amid impatience over the lack of details around Trump’s plans for infrastructure Aluminium stocks held in LME-registered warehouses fell to their lowest since late 2008, exchange data showed.

China’s aluminium makers are expected to step up exports in coming months as a healthier global manufacturing climate and declining world stockpiles boost demand, traders and analysts said. Higher exports of semi-manufactured aluminium could dampen London Metal Exchange (LME) aluminium prices, which have surged nearly 14 percent this year, as well as stoke global trade tensions.

China accounts for more than half of world aluminium output, but its capacity ramp-up over the past half decade has come as global prices have fallen, forcing smelters elsewhere to halt production. Japanese aluminum buyers will pay a premium for their second-quarter metal deliveries of $128 per tonne over the London Metal Exchange (LME) cash price.

This represents a sharp jump from the $95 negotiated for first-quarter shipments. It is also the highest premium since the second quarter of 2015, when the aluminum premium bubble was rapidly deflating. Meanwhile LME stocks of aluminum sank below the 2 million-tonne level earlier this month and at a current 1,886,400 tonnes are at their lowest since December 2008. Excluding the metal that is awaiting load-out, the on-warrant total of 1,003,275 tonnes is the lowest since May 2008.

Aluminium MCX Under Fresh Selling Support Zone at 121 | Gold Silver Reports

Aluminium MCX Under Fresh Selling Support Zone at 121 via @goldsilverrepor
  • Save

Leave a Comment

Share via
Copy link