Commodity Outlook for Aluminium by KediaCommodity

AluminumChina's aluminum smelters have been slow to cut production despite rising production costs and falling prices for the metal, challenging expectations that Chinese production cuts will put a floor under prices in the immediate term. Aluminium has touched a low of Rs 91 a kg after opening at Rs 91, and last traded at Rs91.15.For today market is looking for the support at 91, a break below could see a test of 90.9 and where as resistance is now likely to be seen at 91.2, a move above could see prices testing 91.3.

Trading Ideas:

Aluminium trading range is 90.9-91.3.

China aluminum makers maintain output despite falling margins

Support for aluminium is at 90.20 and resistance is at 92 level.

Aluminum weekly stock at Shanghai exchange down by -1155 tonnes.

BUY ALUMINIUM JUL @ 91 SL 90 TGT 91.80-92.50-93.40.MCX