MCX Aluminium under long liquidation; Support seen at 142.9

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Technically Aluminium market is under long liquidation as market has witnessed drop in by 5.29% to settled at 1986 while prices down 0.25 rupees.

Now MCX Aluminium is getting support at 142.9 and below same could see a test of 142.5 levels, and resistance is now likely to be seen at 143.8, a move above could see prices testing 144.3.

Aluminium on MCX settled down 0.17% at 143.15 after the US dollar rose on higher-than-expected US retail sales data. Lower inventories below 1 million across -approved warehouses also helped prices. ’s trade surplus with the United States rose 12% in yuan-terms in the first half of this year, the customs agency said.

Exports to the U.S. fell 2.6% in yuan terms in the first six months this year from same period a year earlier, while imports shrank 25.7%, customs spokesman Li Kuiwen told reporters in a quarterly briefing. U.S.-China trade frictions brought some pressure on China’s trade, but the impact is manageable, Li said.

China’s new home prices grew 0.6% month-on-month in June, slowing from a 0.7% uptick in May, calculated from official National Bureau of Statistics () data. On a yearly basis, average new home prices in China’s 70 major cities rose 10.3% in June, compared with a 10.7% gain in May.

China’s daily aluminium output hit record levels in June, even as total production for the whole of the month fell slightly according to data released by the National Bureau of Statistics.The world’s top aluminium producing country churned out 2.97 million tonnes of the metal last month, the bureau said. China‚Äôs economy grew 6.2% year on year in April-June, in line with the government’s annual target of 6-6.5% set for 2019, the NBS said.

Trading Ideas:
–Aluminium trading range for the day is 142.5-144.3.
–Aluminium dropped after the US dollar rose on higher-than-expected US retail sales data.
–Lower inventories below 1 million mt across LME-approved warehouses also helped prices.
–China’s new home prices grew 0.6% month-on-month in June, slowing from a 0.7% uptick in May, calculated from official National Bureau of Statistics (NBS) data.

Courtesy: Kedia Commodities

Source: Commodityonline.com