Aluminium yesterday traded with the negative node and settled -0.51% down at 116.55 tracking LME aluminum prices opened slightly higher at USD 2,633/mt, and later climbed to USD 2,641/mt as NYMEX crude oil prices stood above USD 106/bbl. However, as the weak US durable goods orders in February depressed market trading sentiment, LME aluminum prices lost previous gains, with prices finally closing at USD 2,630/mt, down USD 1/mt or 0.04% compared with the previous trading day. In yesterday's trading session aluminium has touched the low of 116.3 after opening at 116.7, and finally settled at 116.55. For today's session market is looking to take support at 116.1, a break below could see a test of 115.6 and where as resistance is now likely to be seen at 117.3, a move above could see prices testing 118.1.

Trading Ideas:

Aluminium trading range is 115.6-118.1.

Aluminium yesterday traded with the negative node and settled -0.51% down

Aluminium is taking resistance at 117.30 and support is seen at 116.10.

Aluminium daily stocks at Shanghai exchange came down by 721 tonnes.