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Technically Aluminium market is under short covering as market has witnessed drop in open interest by 5.24% to settled at 2623 while prices up 0.35 rupees.
Now MCX Aluminium is getting support at 149.3 and below same could see a test of 148.1 level, And resistance is now likely to be seen at 152, a move above could see prices testing 153.5.
Aluminium on MCX settled up 0.23% at 150.35 while LME aluminium was down 0.7 percent at $2,027 as the U.S. dollar strengthened and on concerns that escalating global trade tensions could hurt demand.
Concerns remain that trade tensions between China and the U.S. may dampen demand for metals even as China’s September trade data proved more resilient than expected last week. The United States sought to make currency a central part of any solution to the bruising trade fight, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policymakers at the weekend who pledged to do more to safeguard global growth.
While from data side US retail sales barely rose in September as a rebound in purchases of motor vehicles was offset by the biggest drop in spending at restaurants and bars in nearly two years. Retail sales edged up only 0.1% in the month, compared with an expected increase of 0.6%. Retail sales in September rose 4.7% from a year ago.
Now a day ahead some data to monitor today include consumer and producer prices, total social financing (TSF) and broad M2 money supply in September for China, the trade balance in August across the eurozone and the ZEW economic sentiment in October, Germany’s ZEW economic sentiment in October, US industrial output in September and the August data for Job Openings and Labor Turnover Survey (Jolts) by the US Bureau of Labor Statistics.
Trading Ideas:
–Aluminium trading range for the day is 148.1-153.5.
–Aluminium traded in range as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism.
–Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.595 million mt.
–China recorded a record trade surplus of $34.13 billion with the US in September despite intense trade tensions between the world’s two largest economies.
Courtesy: Kedia Commodities
Source: Commodityonline.com
