Aluminium prices experienced a decline of -0.82%, settling at 200.15, driven by a strengthened U.S. dollar. However, concerns over supply shortages limited further losses. Positive data from China, indicating a surprising expansion in factory activity in November, initially supported market sentiments. Chinese aluminium production for October 2023 recorded a notable increase, reaching 3.641 million metric tons, reflecting a growth of 6.7% YoY.
Globally, primary aluminium output in October rose by 3.9% YoY to 6.116 million tonnes, according to data from the International Aluminium Institute. The data revealed a substantial rise in imports in October, increasing by 221.19% YoY and 7.9% MoM to 216,600 metric tons, while exports declined 4.67% YoY and 91.29% MoM to 600 metric tons. Chinese regulators, including the People's Bank of China, are reportedly developing a "whitelist" lending support specifically for 50 property developers. On the global front, a major aluminium producer offered Japanese buyers a premium of $95 per metric ton for January-March primary metal shipments, indicating a 2% decrease from the current quarter.
From a technical perspective, the market is under fresh selling, witnessing a gain in open interest by 5.08% to settle at 4179. Prices have decreased by -1.65 rupees. Aluminium is currently finding support at 199.4, with a potential test of 198.7 levels on a further decline. Resistance is likely at 201.2, and a breakthrough could lead to a test of 202.3 levels.
Add Chart to Comment
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.