Aluminium yesterday traded with the positive node and settled 1.18% up at 114.40 as support seen after China's trade surplus surged to USD 31.62 billion in December, well above forecasts. China's soaring exports greatly boosted market confidence. The Bank of England and ECB decided overnight to keep interest rate unchanged as expected. Short-covering helped aluminum break through resistance of 113.80. China's inspiring December trade figures will help push aluminum prices up at the bottom. Meanwhile US initial weekly jobless claims rose a modest 4,000 to 371, 000 in the week ending Jan. 5, but continuing claims -- those drawn by workers for more than a week -- dropped to the lowest level since 2008, according to data released by the US Labor Department. In addition, the US President Obama nominated Jack Lew as candidate for the 76th Minister of Finance. In China, China's central bank conducted reverse repos operation again on Thursday. Meanwhile, China's new loans for December were RMB 454.3 billion, the lowest since January 2010. China's imports and exports for December both hit historical high in December 2012. Imports and exports for Q4 continued to rebound, and growth in imports and exports also rebounded from 3Q. For today's session market is looking to take support at 113.3, a break below could see a test of
112.2 and whereas resistance is now likely to be seen at 115, a move above could see prices testing 115.6.

ALUMINIUM

Aluminium trading range for the day is 112.2-115.6.

Aluminium settled 1.18% up as support seen after China's trade surplus surged to USD 31.62 billion in December, well above forecasts.

The data from General Administration of Customs showed that the total imports of unwrought Aluminium was 66099 tonnes in December 2012, down 8.8%

Aluminium weekly stocks at Shanghai exchange came down by 1872 tonnes

Warehouse stock for Aluminium at LME was at 5191900mt that is down by -4750mt.

ALUMINIUM LOOK TO TRADE IN THE RANGE 113-114.80 RANGE WAIT FOR ENTRY