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Thursday, October 21, 2021

MCX Aluminium may trade between 228.7-235.5 levels

Technically Aluminium market is under short covering as market has witnessed drop in open interest by 6.25% to settled at 1950 while prices up 3.9 rupees.

Now MCX Aluminium is getting support at 230.6 and below same could see a test of 228.7 levels, and resistance is now likely to be seen at 234, a move above could see prices testing 235.5.

Aluminium yesterday settled up by 1.71% at 232.45 as there is rumour that aluminium smelters in Yunnan have been urged to bring down their production by another 10%, coupled with rumours of power rationing in Ningxia.

The market feared further declining in aluminium supply, sending the aluminium contract back to the upward trajectory. China’s imports of unwrought aluminium alloy stood at 98,500 mt in August, down 32.3% on a yearly basis, but up 12.0% on the month.

The imports totalled 671,600 mt from January to August, a year-on-year drop of 14.2%.China’s exports of unwrought aluminium alloy stood at 9,200 mt in August, a year-on-year decline of 44.2%, but a month on month increase of 0.1%.

The exports totalled 102,200 mt from January to August, a year-on-year drop of 21.2%.Jiaozuo Wanfang Aluminum Manufacturing Co Ltd in central China’s Henan province said primary aluminium output affected by floods would resume by the middle of November.

Data showed that China’s social inventories of aluminium across eight consumption areas rose 15,000 mt on the week to 766,000 mt as of September 16. Increases were mostly contributed by Wuxi, Nanhai and Gongyi.

Trading Ideas:
–Aluminium trading range for the day is 228.7-235.5.
–Aluminium rose as there is rumour that aluminium smelters in Yunnan have been urged to bring down their production by another 10%.
–China’s imports of unwrought aluminium alloy up 12% mom in Aug, exports up 0.1% mom.
–Jiaozuo Wanfang Aluminum Manufacturing Co Ltd in central China’s Henan province said primary aluminium output affected by floods would resume by the middle of November.

Courtesy: Kedia Commodities

Source: Comodity Online

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