Aluminium yesterday traded with the negative node and settled -0.9% down at 116.2 as pressure seen over the counter as the payrolls report from ADP Employer Services on March 30th, the US private-sector employment increased by 201,000 in March, slightly lower than market forecast of an increase of 203,000, an indication that the US job markets remain weak.
The US dollar index strengthened first but weakened later, with the index falling rapidly during European trading hours due to expectations that the European Central Bank will raise interest rates and finally closing at 76.126, up 0.006 compared with the previous trading day.
For today's session market is looking to take support at 115.5, a break below could see a test of 114.9 and where as resistance is now likely to be seen at 117.1, a move above could see prices testing 118.1.
Trading Ideas:
Aluminium trading range is 114.9-118.1.
Japan Feb aluminium shipments up 2.3 pct yr/yr
Aluminium is taking resistance at 117.10 and support is seen at 115.50.
Aluminium daily stocks at Shanghai exchange came down by 694 tonnes.
