Aluminium yesterday traded with the positive node and settled 2.31% up at 110.2 as the news from Deutsche Bank that confirmed for the first time that approximately 2 million mt of aluminum ingot was used for financing deals, and market concerns over aluminum oversupply were eased as a result. LME aluminum prices opened at USD 2,413/mt, and later climbed continuously, and finally ended at USD 2,427/mt. LME aluminum inventories declined by 5,475 mt to 4,530,725 mt. In yesterday's trading session aluminium has touched the low of 108.05 after opening at 108.3, and finally settled at 110.2. For today's session market is looking to take support at 108.7, a break below could see a test of 107.2 and where as resistance is now likely to be seen at 111, a move above could see prices testing 111.8.

Trading Ideas:

Aluminium trading range is 107.2-111.8.

Aluminium yesterday traded with the positive node and settled 2.31% up

Aluminium is taking support at 109 and resistance at 111.40 level.

Aluminium daily stocks at Shanghai exchange came down by 2016 tonnes

SELL ALUMINIUM JAN @ 111 SL 112.20 TGT 110.20-109.50-108.50.MCX