Global demand for aluminum will reach 74 million tons in 2020, more than double the 2009 figure, the Nikkei reported. Chinese aluminum demand is expected to triple to 43.6 million tons, in part because of a larger automobile market, with the nation's share of the worldwide total growing from about 40% to roughly 60%. Aluminium has touched a low of Rs 87.55 a kg after opening at Rs 89.6, and last traded at Rs89.85. For today market is looking for the support at 88.2, a break below could see a test of 86.6 and where as resistance is now likely to be seen at 90.8, a move above could see prices testing 91.8.

Trading Ideas:

Aluminium trading range is 86.6-91.8.

Global demand for aluminum will reach 74 million tons in 2020

Support for aluminium is at 88.20 and resistance is at 90.80 level.

Aluminum daily stock at Shanghai exchange down by -1515 tonnes.

WAIT FOR FRESH ENTRY IN ALUMINIUM