Aluminium on MCX settled down -0.69% at 108.45 with sentiment wobbling because of concerns about Chinese demand. In data, Chinese GDP growth for the third quarter was as expected at 6.7%, as were fixed asset investment at 8.2% and retail sales at 10.7%. Industrial production, however, at 6.1% fell short of the forecast 6.4%. China’s apparent consumption of major base metals is set to slow over 2016-2020, with annual demand growth to ease to an average of 3.3% during this period, the country’s Ministry of Industry and Information Technology (MIIT) said. Reflecting higher prices for gasoline and shelter, the Labor Department released a report showing that U. S. consumer prices rose in line with economist estimates in the month of September. The Labor Department said its consumer price index climbed by 0.3 percent in September after edging up by 0.2 percent in August. The increase in consumer prices was partly due to a jump in energy prices, which surged up by 2.9 percent in September after coming in unchanged in the previous month. The jobless rate in the U. K. was unchanged as expected in August, with wages excluding bonuses showing a stronger reading than forecast, while the claimant count less more than expected in September, official data showed. The Office for National Statistics said that the rate of unemployment remained at 4.9% in the three months to August, in line with forecasts. Technically market is under fresh selling as market has witnessed gain in open interest by 3.79% to settled at 2764 while prices down -0.75 rupee, now Aluminium is getting support at
107.6 and below same could see a test of 106.8 level, And resistance is now likely to be seen at 109.1, a move above could see prices testing 109.8.

Trading Ideas:

Aluminium trading range for the day is 106.8-109.8.

Aluminium dropped with sentiment wobbling because of concerns about Chinese demand.

China's economy grew 6.7 percent in the third quarter from a year earlier, steady from the previous quarter.

The Chinese economy remained stable in the first three quarters of this year, the National Bureau of Statistics said in a statement.