Aluminium yesterday traded with the negative node and settled -0.45% down at 112.15 after continuous price gains last week, the momentum from the longs is now waning, with cash withdrawal by investors. Coupled with no solid support from the neighboring markets, any support on aluminum prices will be limited. With the upcoming delivery date, buying interest was not strong. Meanwhile, some downstream producers are now preparing for the Chinese New Year holiday, resulting in low orders. In this context, the overall trading sentiment was lackluster. In yesterday's trading session aluminium has touched the low of 111.9 after opening at 112.6, and finally settled at 112.15. For today's session market is looking to take support at 111.7, a break below could see a test of 111.3 and where as resistance is now likely to be seen at 112.8, a move above could see prices testing 113.4.

Trading Ideas:

Aluminium trading range is 111.3-113.4.

Buying interest was not strong some downstream producers are now preparing for the Chinese New-year holiday.

Aluminium is taking support at 111.30 and resistance at 113.40 level.

Aluminium daily stocks at Shanghai exchange came up by 1673 tonnes

BUY ALUMINIUM JAN @ 111.50 SL 110.50 TGT 112.20-113-114.20.MCX