Aluminium yesterday traded with the range bound node and settled 0.2% flat at 114.85 as the weaker US dollar helped push up LME aluminum prices to open higher at USD 2,588/mt last night, but later the negative US house data caused LME aluminum prices to fluctuate lower to hit a low of USD 2,564/mt.
At the tail of trading, the US dollar index weakened further, helping LME aluminum prices reverse some losses, with LME aluminum prices finally closing at USD 2,570/mt, up USD 10/mt or 0.39% compared with the previous trading day.
Meanwhile, the existing home sales in February fell by 9.6%, exceeding the expected 4.0%, a signal that the US home markets remain weak. In yesterday's trading session aluminium has touched the low of 114.1 after opening at 114.3, and finally settled at 114.85.
For today's session market is looking to take support at 113.8, a break below could see a test of 112.8 and where as resistance is now likely to be seen at 116.1, a move above could see prices testing 117.4.
Trading Ideas:
Aluminium trading range is 112.8-117.4.
Aluminium yesterday traded with the range bound node and settled 0.2% flat
Aluminium is taking resistance at 116.10 and support is seen at 113.80.
Aluminium daily stocks at Shanghai exchange came down by 3134 tonnes.
