Japanese shipments of aluminium products rose 23.1% in January from a year earlier, underpinned by a recovery in demand in the auto, electrical appliances and food sectors. Japan Aluminium Association data showed that shipments in January rose to 150,373 tonnes, marking the second straight month on YoY increases. Aluminium has touched a low of Rs 97.1 a kg after opening at Rs 97.6, and last traded at Rs98.95.For today market is looking for the support at 97.7, a break below could see a test of 96.4 and where as resistance is now likely to be seen at 99.7, a move above could see prices testing 100.4.99.7, a move above could see prices testing 100.4.

Trading Ideas:

Aluminium trading range is 96.4-100.4.

Japanese aluminium shipments in January jump YoY

Support for aluminium is at 97.70 and resistance is at 100.10 level.

Aluminium daily stock at Shanghai exchange came up by 2926 tonnes.

SELL ALUMINIUM MAR @ 98.60-99 SL 100.10 TGT 97.90-97.10-96.40. MCX