Breaking News
0

Aluminium Under Fresh Selling; Support Seen At 137.8

By CommodityOnline (Commodity Online)CommoditiesDec 13, 2018 17:52
in.investing.com/analysis/aluminium-under-fresh-selling-support-seen-at-1378-200206625
Aluminium Under Fresh Selling; Support Seen At 137.8
By CommodityOnline (Commodity Online)   |  Dec 13, 2018 17:52
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Technically Aluminium market is under fresh selling as market has witnessed gain in open interest by 19.66% to settled at 3360 while prices down 1.6 rupees.

Now MCX Aluminium is getting support at 137.8 and below same could see a test of 137.2 level, And resistance is now likely to be seen at 139.4, a move above could see prices testing 140.4.

Aluminium on MCX settled down 1.14% at 138.35 as reports about new capacity starts at domestic smelters weighed. Poor supply and demand in the aluminium market in China is likely to continue in December.

Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, decreased by 2.67% to stand at 1.386 million mt while stocks of 6063 aluminium billet across five major consumptions.

With weak supply and demand, the primary aluminium inventory destocking cycle in China is likely to pause in January 2019. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, decreased by 2.45% to stand at 1.352 million mt, and stocks of 6063 aluminium billet across five major consumption areas dipped 2.56% to 117,900 mt, data showed.

The Federal Reserve widely expected to raise interest rates at its upcoming meeting. U.S. rates may be nearing a peak, but relative rate differentials still offer some support for the dollar.

China's banks extended more new loans than expected in November after a sharp drop the previous month, in a sign that recent government pressure on lenders to help struggling smaller firms may be starting to bear fruit. Chinese banks extended 1.25 trillion yuan ($182 billion) in new yuan loans in November, up from 697 billion yuan in October, the People's Bank of China (PBOC) said in a statement.

Trading Ideas:
--Aluminium trading range for the day is 137.2-140.4.
--Aluminium prices dropped as reports about new capacity starts at domestic smelters weighed.
--Poor supply and demand in the aluminium market in China is likely to continue in December.
--Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, decreased by 2.67% to stand at 1.386 million mt.

Aluminium Under Fresh Selling; Support Seen At 137.8
 
Aluminium Under Fresh Selling; Support Seen At 137.8

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email