Aluminium Market Under Fresh Selling; Support Seen At 135.2

By CommodityOnline (Commodity Online)CommoditiesNov 15, 2017 12:25

in.investing.com/analysis/aluminium-market-under-fresh-selling-support-seen-at-1352-200198715

By CommodityOnline (Commodity Online) | Nov 15, 2017 12:25

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Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 9.18% to settled at 3234 while prices down 1.9 rupees.

Now MCX Aluminium is getting support at 135.2 and below same could see a test of 134.4 levels and resistance is now likely to be seen at 137.3, a move above could see prices testing 138.6.

Aluminium on MCX settled down 1.38% at 135.95 tracking weakness from LME aluminium which has retested support at $2081 per tonne after Chinese data out yesterday was broadly speaking negative. Paint a view of the Chinese economy where growth looks to be slowing.

While downside remain supported as China's primary aluminium production fell for a fourth straight month in October, government data showed on Tuesday, hit by high costs and the closure of illegal capacity, with further decreases expected soon as winter output restrictions kick in.

The world's top aluminium producing country churned out 2.55 million tonnes of the metal last month, down 2.3 percent from 2.61 million tonnes in September and versus 2.73 million tonnes in October, 2016, according to the National Bureau of Statistics (NBS).

Year-to-date aluminium production came in at 27.23 million tonnes, up 3.7 percent year-on-year. China's aluminium production has been declining since June's record-high of 2.93 million tonnes following the closure of illegal smelting capacity.

It remains on course for a record-high in 2017, but the year-on-year growth rate has slowed dramatically from double digits in February-April. Output is set to dip further in the coming months as China imposes its first ever winter restrictions on aluminium production, part of the government's battle against pollution.

Trading Ideas:
--Aluminium trading range for the day is 134.4-138.6.
--Aluminium traded in range as market awaits more news on the production cut status among Chinese smelters planning winter output cuts from November 15.
--China’s primary aluminium production fell for a fourth straight month in October, government data showed, hit by high costs and the closure of illegal capacity.
--China's aluminium production fell by 7.5 percent to 2.55 million tonnes in October from a year earlier.

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Aluminium Market Under Fresh Selling; Support Seen At 135.2

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