Russia’s primary aluminum output in January to April fell by 2.2% on the year. Aluminium yesterday traded with the negative node and settled -1.81% down at 91.2. In yesterday's trading session aluminium has touched the low of 90 after opening at 92.8, and finally settled at 91.2. For today's session market is looking to take support at 89.6, a break below could see a test of 88 and where as resistance is now likely to be seen at 93.2, a move above could see prices testing 95.2. Spread between aluminium JUN & JUL contracts yesterday ended at 1.00. Spread yesterday traded in the range of 0.95 - 1.35.
Trading Ideas:
Aluminium trading range is 88-95.2.
Russia’s primary aluminum output in January to April fell by 2.2% on the year.
Support for aluminium is at 89.60 and resistance is at 92.40 level.
Aluminium daily stock at Shanghai exchange came down by -1739 tonnes.
SELL ALUMINIUM JUNE @ 92.50 SL 93.50 TGT 91.40-90.20.MCX