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Saturday, October 23, 2021

MCX Aluminium likely to move in a range of 131.5-136.3

Technically MCX Aluminium is getting support at 132.8 and below same could see a test of 131.5 level, And resistance is now likely to be seen at 135.2, a move above could see prices testing 136.3.

Aluminium on MCX settled up 0.56% at 134.15 gained on short covering tracking Global aluminium premiums were little changed this week, but good support from steady market conditions, but premiums in South Korea moved higher due to low levels of inventory.

European traders happy to hold metal South Korean premiums move up on tight inventory Import uptrend and domestic discounts in Brazil US premiums steady. Contango still supporting European premiums London Metal Exchange price spreads continued to support premiums across Europe this week, with the contango wide enough for market participants to comfortably carry metal.

Meanwhile the US dollar slid to a three-week low on Tuesday, as Federal Reserve Chairman Jerome Powell repeated in prepared testimony released in advance of a hearing before the US Senate Banking Committee that the US central bank would remain “patient” in deciding on further interest rate hikes.

The greenback also benefited from a jump in the US consumer confidence index for February. The Conference Board, a business research group, said on Tuesday that its consumer confidence index rose to 131.4 this month from a revised 121.7 reading in January.

The rebound in consumer confidence was likely helped by a rally in the stock market and an end to partial shutdown of the federal government.

Now day ahead economic data slated for release today include the Eurozone’s economic climate index and consumer confidence index for February, the US’ wholesale inventories, factory orders and durable goods orders for December, pending home sales for January.

Trading Ideas:
–Aluminium trading range for the day is 131.5-136.3.
–Aluminium prices gained after U.S. President Donald Trump deferred a planned hike in tariffs on Chinese goods.
–China’s imports of primary aluminium from Russia rose tenfold year on year in January, data showed.
–China imported 11,185 tonnes of aluminium from Russia last month, the data showed, versus just 1,109 tonnes in the same month a year earlier.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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