MCX Aluminium under fresh selling; Support seen at 144.8

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Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 3.41% to settled at 1121 while prices down 0.15 rupees.

Now MCX Aluminium is getting support at 144.8 and below same could see a test of 144.2 level, And resistance is now likely to be seen at 146.2, a move above could see prices testing 147.

Aluminium on MCX settled down 0.1% at 145.3 as prices remained under pressure as the struck deals to lift tariffs on steel and aluminium imports from Canada and Mexico.

Most of the impact is expected to be seen in the physical market premium – paid above the LME price – for aluminium consumers in the United States.

Last week the premium was above $400 a tonne. Norwegian metals maker Norsk Hydro has been given the go-ahead by a Brazilian federal court to resume full output from the company’s Alunorte alumina refinery.

Global primary aluminium output fell to 5.203 million tonnes in April from revised 5.379 million tonnes in March, data from the International Aluminium Institute showed.

Wood Mackenzie raised its global market balance for alumina by 100,000 tonnes to 1.2 million tonnes as the increase in Alunorte’s production was offset by curtailments in .

Stocks of aluminium in warehouses certified by the Shanghai Exchange (ShFE) fell to their lowest since Oct. 2017 at 569,131 tonnes, data showed.

Addressing the Economic Club of New York, President of the Boston Reserve Bank Eric Rosengren said that the escalating trade war between China and the could increase pressure on the overall economy, and that the conflict is “all the more reason to keep rate increases on hold”.

Trading Ideas:
–Aluminium trading range for the day is 144.2-147.
–Aluminium after prices remained under pressure as US struck deals to lift tariffs on steel and aluminium imports from Canada and Mexico.
–Global primary aluminium output fell to 5.203 million tonnes in April from revised 5.379 million tonnes in March
–Norwegian metals maker Norsk Hydro has been given the go-ahead by a Brazilian federal court to resume full output from the company’s Alunorte alumina refinery.

Courtesy: Kedia Commodities

Source: Commodityonline.com