Aluminium yesterday traded with the negative node and settled -0.17% down at 117.7. Some support had been seen from the LME stock also which came down by -4175mt, the total stock at LME is now at 4680925mt. Orders to draw aluminum from warehouses monitored by the London Metal Exchange climbed to the highest level since at least October 1997, daily exchange figures showed Friday. Daily average primary aluminium output in April rose to 70,400 tonnes from 69,800 tonnes in March, provisional figures from the International Aluminium Institute (IAI) showed. In yesterday's trading session aluminium has touched the low of 117.6 after opening at 117.65, and finally settled at 117.7. For today's session market is looking to take support at 117.5, a break below could see a test of 117.4 and where as resistance is now likely to be seen at 117.9, a move above could see prices testing 118.2.

Trading Ideas:

Aluminium trading range is 117.4-118.2.

April daily average aluminium output 70,400 T -IAI

Aluminium is taking resistance at 118.90 and support is seen at 116.80.

Aluminium weekly stocks at Shanghai exchange came down by 14022 tonnes.