MCX Aluminium may trade between 140.9-143.5 levels

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Technically MCX Aluminium is getting support at 141.6 and below same could see a of 140.9 level, and resistance is now likely to be seen at 142.9, a move above could see prices testing 143.5. 

Aluminium on MCX settled up 0.25% at 142.35 amid an economic slowdown and falling demand than supply issues. Also weighing on the metals market was disappointing wider trade data from top metals consumer .

China’s overall exports fell in June as the ramped up trade pressure, while imports shrank more than expected, pointing to further weakness in the world’s second-largest economy and slackening global growth.

U.S. President Donald Trump said China was not living up to promises made on buying agricultural products from American farmers, as the world’s two largest economies work to resolve a trade dispute. China’s June aluminium exports were 506,000 tonnes, the customs data showed. That was down 5.6% from May and down fractionally from 510,000 tonnes a year earlier.

However, first-half 2019 exports rose 10% from a year earlier to 2.98 million tonnes. China’s exports of unwrought aluminium and aluminium products shrank 30,000 mt from a month ago, to stand at 506,000 mt in June, after they rose 7.6% on the month in May, showed data from China Customs on Friday 12.

On a yearly basis, exports stood 0.8% lower in June. Exports in the first half of the year, however, expanded 10% from a year ago and stood at 2.98 million mt. The US said that its consumer price index () excluding the volatile food and energy components rose 0.3% in June.

Trading Ideas:
–Aluminium trading range for the day is 140.9-143.5.
–Aluminium prices dropped as prices seen under pressure from an economic slowdown and falling demand than supply issues.
–Also weighing on the metals market was disappointing wider trade data from top metals consumer China.
–China’s overall exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected.

Courtesy: Kedia Commodities

Source: Commodityonline.com