Aluminium yesterday traded with the positive node and settled 0.86% up at 99.8. Some support had been seen from the LME stock also which came down by -8825mt, the total stock at LME is now at 4557950mt. In yesterday's trading session aluminium has touched the low of 98.4 after opening at 98.4, and finally settled at 99.8.

For today's session market is looking to take support at 98.6, a break below could see a test of 97.4 and where as resistance is now likely to be seen at 100.8, a move above could see prices testing 101.9. Spread between aluminium MAR & APR contacts yesterday ended at 1.10, we have seen yesterday that the aluminium market had traded with a positive node and settled 0.86% up. Spread yesterday traded in the range of 1 - 1.20.

Trading Ideas:

Aluminium trading range is 97.4-101.9.

Aluminium yesterday settled 0.86% getting support from fall in LME stocks

Support for aluminium is at 98.60 and resistance is at 100.90 level.

Aluminium daily stock at Shanghai exchange came up by 274 tonnes.

BUY ALUMINIUM MAR @ 99 SL 98.10 TGT 99.70-100.80-101.60. MCX