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Aluminium May Witness Trading At $1782 Down By $4

ByCommodityOnline
Published 05/13/2014, 05:58 AM
Updated 05/14/2017, 06:45 AM



Aluminum: In our previous day’s report we had suggested buying the white metal from lower levels. The reason that we had projected was prices already trading lower and reaching near cost of production while falling inventory at LME may support the metal. Eventually, the metal ended higher at $1787 up by $16 from its previous close. Likewise at MCX the May future settled at Rs. 104.75. This morning LME, 3 month forward aluminium is seen trading at $1782 down by $4 from its previous close. We believe the current price change onto negative side could be mere profit booking while as the day progresses possibly the metal may rebound. However, we shall have to watch for the China’s economic data which is expected at 11 AM ST. By any means if the data turns slightly negative then possibly we might see the commodity taking marginal correction. However, we wish to remain long from lower level in Aluminum contract for the day. News: China's inability to supply its own low-cost bauxite will affect long-term aluminium and alumina prices. The world's largest aluminium producer imported 41% of its bauxite at year-end, up from just 27% in 2008-12. A subsequent Indonesian export ban caused the import share of China's bauxite to fall to 29% in March. Once these inventories are used up, imports of both bauxite and alumina may rise.

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