Aluminum: We had a bullish view on Aluminum last day which eventually spoiled as the commodity ended the day lower at $1775 down by $34 from its previous close. Likewise, at the local market the May future settled at Rs. 103.65 down by Rs. 2 from its previous close. We had anticipated prices to stay higher with the fact that falling global inventory at LME and prices hovering near the cost of production for many miners might support the prices. However, so much of price loss was witnessed due to heavy sell off in the global equity markets. The US equity posted a negative close over 1% last day which pulled the entire dollar denominated assets to trade lower. Also, the USD index number surged to 80 marks. This morning at LME, Aluminum is seen trading with marginal change while we believe some more weakness may be noticed at both local and global market due to weakness in the equity markets. Also, Indian rupee trading strong close to one percent may add further support to the metal. Overall, we hold a bearish view on Aluminum for today.
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Aluminium May Witness Lower At $1775 Down By $34
Published 05/16/2014, 06:55 AM
Aluminium May Witness Lower At $1775 Down By $34
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