Aluminium yesterday traded with the positive node and settled 1.47% up at 103.25 on low level buying and short covering despite of concern that growth is slowing in China, the biggest user, and as global inventories continued to climb. Traders were disappointed that despite the flailing euro zone economy, the ECB did not lower interest rates. ECB President Mario Draghi tried to lift markets' spirits by saying the central bank is still considering an array of actions to help the euro zone economy, remarks that traders took to mean ECB could be close to cutting rates or unveiling new stimulus measures. The ECB's benchmark interest rate has been 0.75% since July 2012. Draghi did not specify what measures are on the table in terms of helping European economies. But support seen after BoJ said it plans to double its asset purchase program over the next two years and extend the maturities of the bonds it purchases. It also plans to bring forward the timing of open-ended asset purchases and said it was likely to buy JPY7 trillion in long-term Japanese government bonds a month. Leading up to the BoJ meeting, the yen showed some strength as traders began doubting Kuroda's ability to build a consensus among central bank members for immediate easing. In yesterday's trading session aluminium has touched the low of 101.65 after opening at 101.85, and finally settled at 103.25. For today's session market is looking to take support at 102.1, a break below could see a test of 101 and where as resistance is now likely to be seen at 103.9, a move above could see prices testing 104.6.

Trading Ideas:

Aluminium trading range for the day is 100.98-104.58.

Aluminium gained on low level buying and short covering despite of concern that growth is slowing in China

ECB Draghi tried to lift markets' spirits by saying central bank is still considering an array of actions to help euro zone economy.

BoJ said it plans to double its asset purchase program over next two years and extend the maturities of the bonds it purchases