Aluminium yesterday traded with the positive node and settled 0.35% up at 113.35 as support from LME aluminum prices seen which climbed slightly, with prices opening at USD 2,500/mt and later hitting a high of USD 2,526/mt. The weakening LME copper prices later caused LME aluminum prices to lose some gains, and LME aluminum prices finally closed at USD 2,504/mt, up USD 12/mt compared with the previous trading day. In yesterday's trading session aluminium has touched the low of 112.2 after opening at 113.1, and finally settled at 113.35. For today's session market is looking to take support at 112.3, a break below could see a test of 111.3 and where as resistance is now likely to be seen at 114.2, a move above could see prices testing 115.1.

Trading Ideas:

Aluminium trading range is 111.3-115.1.

The sharp increase in London Metal Exchange aluminium stocks in January is a worry

Aluminium is taking support at 112.20 and resistance at 113.90 level.

Aluminium daily stocks at Shanghai exchange came down by 524 tonnes.

YESTERDAY LME STOCK FOR ALUMINIUM CAME DOWN  BY -2300