Aluminium Trading Range For The Day Is 136.7-137.9

Aluminium trading range for the day is 136.7-137.9.

Aluminium dropped after data showed that social inventories of primary aluminium ingots in China increased 2,000 mt over the weekend.

Norsk Hydro said it had resumed bauxite production in Brazil and was ramping up alumina output, while tin hit a more than two-week low.

Premiums for aluminium shipments to Japan for the first quarter of 2020 were set at $83 per tonne, down 14% from the previous quarter.

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Aluminium Dec Daily Chart Has Formed "Falling Channel" Pattern

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. 

The market is expected to continue on the bullish momentum based on the current price action, once the same breaks above a key resistance holding at 134. The upside rally could be testing all the way through 136-137 levels in the upcoming sessions. 

Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 131 level. Key support holds at 131.

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Aluminium Dec Daily Chart Has Formed "Falling Channel" Pattern

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. 

The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 132. 

The downside rally could be testing all the way through 130-128 levels in the upcoming sessions. 

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Aluminium Dec Daily Chart Has Formed "Falling channel" Pattern

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. 

The market is expected to continue on the bullish momentum based on the current price action, once the same breaks above a key resistance holding at 133.50. 

The upside rally could be testing all the way through 135-137 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 130 level. Key support holds at 130.

For more information ✆ +91- 6232578593 or visit www.moneymarketmanthan.com

Aluminium Nov Daily Chart Has Formed "Falling Channel" Pattern

Aluminium Nov daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel.

The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 130. The downside rally could be testing all the way through 128-126 levels in the upcoming sessions.

Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 134 level. Key resistance holds at 134.

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Aluminium Gained Fuelled By Hopes Of Stable Demand As Anti Pollution Curbs Ahead

Aluminium trading range for the day is 139.2-142.

Aluminium gained fuelled by hopes of stable demand as anti-pollution curbs ahead of the National Day holiday were more lenient than expected.

China hoped that the two sides would seek common ground while setting aside differences, Vice-Premier Liu He said.

Social inventories of primary aluminium in China continued to fall over the weekend, with all major warehouses, except for that in Gongyi of Henan, saw losses.

Warehouse stock for Aluminium at LME was at 922375mt that is up by 8450mt.

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Aluminium Trading Range For The Day Is 138.7-141.3

Aluminium trading range for the day is 138.7-141.3.

Aluminum prices dropped on worries about damage to industrial activity and demand from the prolonged U.S.-China trade war.

There were smaller arrivals lowered social inventories of primary aluminium by some 20,000 mt over the weekend.

Customs data showed that China imported 143,000 mt of aluminium scrap in July, down 21.5% from June but up 17.9% from July 2018.

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Aluminium Trading Range For The Day Is 140.2-142

Aluminium trading range for the day is 140.2-142.

Aluminum dropped on profit booking after prices seen supported as Russia’s Rusal suspended operations at Achinsk alumina refinery.

The Chinese yuan weakened below 7 versus the greenback, an 11-year low, as the US-China trade war intensified.

China’s services sector expanded at the slowest pace in five months in July, showed. Growth in the US services sectors also decelerated in July.

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Aluminium Aug Daily Chart Has Formed "Falling wedge" Pattern

Aluminium Aug daily chart has formed "Falling wedge" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel.

The market is expected to continue on the bullish momentum based on the current price action, once the same breaks above a key resistance holding at 140.50.

The upside rally could be testing all the way through 142-144 level in the upcoming sessions. Alternatively, if key resistance holds strong then the market might retest the same and turn bearish.

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Aluminium Traded In Range Amid Solid US Dollar As Expectations

Aluminium trading range for the day is 140.6-142.8.

Aluminium traded in range amid solid US dollar as expectations for an aggressive easing from the Fed eased.

Global primary aluminium output fell to 5.246 million tonnes in June from revised 5.406 million tonnes in May, data from the IAI showed.

China's alumina imports came in at 50,000 tonnes last month, versus 60,000 tonnes in May, the customs data showed.

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Aluminium Settled Flat As Some Support Seen After Disappointing US

Aluminium trading range for the day is 142.4-143.8.

Aluminium settled flat as some support seen after disappointing US new housing starts data lowered the greenback.

China's alumina output rose by 5.4% year-on-year to 6.41 million tonnes in June, its highest in more than two years.

Aluminium stocks held at three major Japanese ports, at the end of June, rose 1.4% to 300,000 tonnes from the previous month.

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Aluminium Trading Range For The Day Is 142.1-145.5

Aluminium trading range for the day is 142.1-145.5.

Aluminium prices gained as support seen on the news of the shutdown of Bosnia’s sole aluminum smelter

China's producer prices unexpectedly showed no growth in June from a year earlier, raising concerns a slowdown in manufacturing activity will further drag on economic growth.

US job openings fell in May, pulled down by declines in the construction and transportation industries, potentially flagging a slowdown in employment growth.

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Aluminium Dropped As The US Dollar Rose As US President Donald Trump Struck

Aluminium trading range for the day is 141.3-143.9.

Aluminium dropped as the US dollar rose as US President Donald Trump struck a slightly more positive tone on the US-China trade war.

China's aluminium production rose by 2.4 percent in May from a year earlier, official data showed.

In the first five months of the year, China produced 14.45 million tonnes of aluminium, a rise of 2.7 percent from the same period last year, the data showed.

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Aluminium Settled Flat As Stocks Of Primary Aluminium Continued

Aluminium trading range for the day is 141.2-144.2.

Aluminium settled flat as stocks of primary aluminium continued to fall this week supported the prices.

Primary aluminium stocks in China continued to, as demand remained decent and limited cargoes arrived.

The number of Americans filing applications for unemployment benefits was unchanged last week, suggesting the labor market remains on solid footing.

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Aluminium Trading Range For The Day Is 143.6-146.6

Aluminium trading range for the day is 143.6-146.6.

Aluminum prices ended with losses as the market remained focused on greater alumina supplies.

However, continued weekly decline by some 70,000 mt in social inventories of primary aluminium indicated firm downstream demand.

Chinese newspapers warned that Beijing was ready to use rare earth metals to strike back at the US in their prolonged dispute.

Warehouse stock for Aluminium at LME was at 1164975mt that is down by -12275mt.

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Aluminium Trading Range For The Day Is 142.5-147.3

Aluminium trading range for the day is 142.5-147.3.

Aluminium gained after Shanxi Huasheng Aluminum will close all capacity of primary aluminium after the last 10 electrolytic baths are shuttered as scheduled.

Norsk Hydro’s Albras aluminium smelter will ramp up its output after restrictions, and this depressed confidence in longs.

Wood Mackenzie raised its global market balance for alumina by 100,000 tonnes to 1.2 million tonnes.

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Aluminium Trading Range For The Day Is 148.2-151.2

Aluminium trading range for the day is 148.2-151.2.

Aluminium dropped on profit booking after prices gained as alumina refinery shutdowns in northern China's Shanxi province raise production costs for the metal.

Prior to the shutdowns, China's alumina output rose 4.2% y/y to 6.28 million tonnes in April, according to data released.

China’s aluminium output rose from the previous month to its third-highest daily rate on record in April, as smelters ramped up production.

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Aluminium Dropped Ahead Of An Upcoming Holiday In China

Aluminium trading range for the day is 143.7-149.5.

Aluminium dropped ahead of an upcoming holiday in China, amid surprisingly strong data on U.S. economic growth.

Stocks of aluminium in LME warehouses rose 48,200 tonnes to 1.07 million tonnes. Deliveries were made into warehouses in Malaysia and Singapore.

The U.S. economy accelerated more than expected in the first quarter, putting to rest fears of a recession.

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Aluminium Prices Gained As Support Seen Due To Lower China’s Inventories

Aluminium trading range for the day is 146-148.4.

Aluminium prices gained as support seen due to lower China’s inventories of primary aluminium.

Traders were also looking ahead to the minutes of the Federal Reserve's March meeting and news on Brexit and U.S.-China trade negotiations.

The Labor Department's jobs data showed a notable increase in jobs in the month of March, but average hourly wages dropped in the month.

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Aluminium Trading Range For The Day Is 145.7-149.5

Aluminium trading range for the day is 145.7-149.5.

Aluminium prices gained as market focus remains on the value-added tax cuts in the near term.

Aluminium premiums in Rotterdam and Japan were firm on the back of wide contango spreads on the London Metal Exchange and sustained supply tightness.

Norsk Hydro has agreed with Brazil's federal prosecutor to have a third-party technical assessment that, if positive, could lead to it resuming full production.

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