MCX Aluminium may trade between 140.2-142 levels

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MCX Copper under short covering; Resistance seen at 441.1

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MCX Natural Gas under short covering; Support seen at 148.2

Technically Aluminium market is under long liquidation as market has witnessed drop in by 0.85% to settled at 2327 while prices down 0.2 rupees.

Now MCX Aluminium is getting support at 140.7 and below same could see a test of 140.2 level, and resistance is now likely to be seen at 141.6, a move above could see prices testing 142. 

Aluminium on MCX settled down 0.14% at 141 on profit booking after prices seen supported as ’s Rusal suspended operations at Achinsk alumina refinery after fire nearby. Russian aluminum producer Rusal suspended operations at its Achinsk alumina plant and evacuated all but essential staff after a fire broke out a nearby Russian military base.

Shanxi Chinalco Huarun has finished constructing its phase-one primary aluminium project, with an annualised capacity of 432,000 mt, according to a news release on the website of Shanxi government. The US dollar slipped to near a two-week low, while the Chinese yuan weakened below 7 versus the greenback, an 11-year low, as the US- trade war intensified. ’s services sector expanded at the slowest pace in five months in July, showed.

Growth in the US services sectors also decelerated in July, to its weakest level in three years as trade worries weighed on business orders and the outlook for the overall economy, a private survey. In the Eurozone, morale deteriorated in August, to its lowest since October 2014, a Sentix survey showed. The Sentix research group said its sentiment index for the euro area dropped to 13.7 in August from 5.8 in July, far below the 7.7 forecasted.

Trading Ideas:
–Aluminium trading range for the day is 140.2-142.
–Aluminum dropped on profit booking after prices seen supported as Russia’s Rusal suspended operations at Achinsk alumina refinery.
–The Chinese yuan weakened below 7 versus the greenback, an 11-year low, as the US-China trade war intensified.
–China’s services sector expanded at the slowest pace in five months in July, showed. Growth in the US services sectors also decelerated in July.

Courtesy: Kedia Commodities

Source: Commodityonline.com