Global aluminium prices are under pressure on India's MCX and the LME. Fundamentals are still lacking in aluminium and that has pressurized the prices in the evening trades on MCX. Aluminium prices are now trading at Rs 77 per kg almost unchanged from Tuesday. If the rally continues in today's session as well the prices can test upper cap of 78.50. Supports for the contract are at 76 and 74 levels.
LME three month forward contract gained $ 53 to close the trades at $ 1598 per ton on Tuesday. LME inventories data showed a rise of 11875 tons to 2357100 tons.
Last month, the Aluminum Association reported a relatively poor data in its latest report, showing that US October shipments fell to an estimated 1.9079 million lbs from 2.1449 million lbs in October 2007, and were down also from the 1.9574 million lbs shipped in September.
Shipments for the first 10 months declined by 6.4% to 19.5577 million lbs from 20.8867 million lbs in 2007. Demand for semi-fabricated products fell 10.9% in October year-over-year, while shipments of extruded products slid 17.0% for the same period
