Russia's primary aluminum output in January-March fell by 4.2% on the year. Aluminium yesterday traded with the positive node and settled 0.19% up at 102.85. Some support had been seen from the LME stock also which came down by -5900mt, the total stock at LME is now at 4567000mt. In yesterday's trading session aluminium has touched the low of 102.6 after opening at 102.75, and finally settled at 102.85. For today's session market is looking to take support at 102.7, a break below could see a test of 102.5 and where as resistance is now likely to be seen at 103, a move above could see prices testing 103.1. Spread between aluminium APR & MAY contacts yesterday ended at 1.10, we have seen yesterday that the aluminium market had traded with a positive node and settled 0.19% up. Spread yesterday traded in the range of 0.95 - 1.1.

Trading Ideas:

Aluminium trading range is 102.5-103.1.

Russia's primary aluminum output in January-March fell by 4.2%

Support for aluminium is at 101.50 and resistance is at 103.90 level.

Aluminium weekly stock at Shanghai exchange came down by -250 tonnes.

BUY ALUMINIUM APR ABV 103 SL 102 TGT 104.20-105.60.MCX