Rising aluminum prices in 2010 may not be enough to halt the decline in European output of the metal as producers quit the region for cheaper electricity in the Middle East. Aluminium has touched a low of Rs 104.3 a kg after opening at Rs 104.3, and last traded at Rs104.7.For today market is looking for the support at 104.40, a break below could see a test of 104.10 and where as resistance is now likely to be seen at 104.80, a move above could see prices testing 105.00.

Trading Ideas:

Aluminium trading range is 101-108.

Aluminum output 'Withering' in Europe as Rio, Alcoa shut plants

Support for aluminium is at 103.60 and resistance at 105.80.

Aluminium weekly stock at Shanghai exchange came up by 213 tonnes.

BUY ALUMINIUM JAN @ 104 SL 102.70 TGT 104.90-105.60-106.50. MCX