The global aluminium market is heading for a big surplus this year as demand continues to be outpaced by supply. Total exchange stocks were 4,921,934 tonnes at the end of December, equating to around 45 days of demand. At the end of November they totaled 4,870,116 tonnes.

Aluminium has touched a low of Rs 104.4 a kg after opening at Rs 104.4, and last traded at Rs104.85. For today market is looking for the support at 104.50, a break below could see a test of
104.20 and where as resistance is now likely to be seen at 105.00, a move above could see prices testing 105.20.

Trading Ideas:

Aluminium trading range is 102-108.

The global aluminium market is heading for a big surplus this year

Now support for aluminium is at 103.80 and resistance is at 106 level.

Aluminium weekly stock at Shanghai exchange came up by 9731 tonnes.

BUY ALUMINIUM JAN @ 104 SL 102.90 TGT 104.70-105.50-106.30. MCX