Aluminium yesterday traded with the negative node and settled -0.63% down at 111.75 after changing debt crises in Europe and the US have kept investors cautious, and they are optimistic that an agreement for Greek bailout will be reached during the European Union Summit. As a result, the Euro climbed on July 20. Later during the day, US NAR announced that existing home sales fell 0.8% in June, which though was higher than previous figure but was far below expectations. With rising Euro and weak US economic data, the US dollar index broke the daily moving averages and fell below 75, hitting 74.631 during the day. The US dollar index finally closed at 74.675 due to strong resistance, down 0.57%. During European trading hours, LME aluminum prices narrowly fluctuated between USD 2,540-2,560/mt. Though the US dollar index fell below 75, LME aluminum prices failed to rose and finally closed at USD 2,534.8/mt, down USD 15.3/mt or 0.6%. For today's session market is looking to take support at 111.3, a break below could see a test of 110.9 and where as resistance is now likely to be seen at 112.5, a move above could see prices testing 113.3.            

Aluminium trading range is 110.9-113.3.

Aluminium prices declined after US dollar index broke the daily moving averages and fell below 75

WBMS: Global aluminum market in 396,400-ton surplus January-May

Aluminium daily stocks at Shanghai exchange came down by 1688 tonnes

BUY ALUMINIUM JULY @ 110 SL 109.50 TGT 110.80-111.50-112.40.MCX

YESTERDAY LME STOCK FOR ALUMINIUM CAME DOWN  BY -8875