Investing.com - Financial Markets Worldwide

Aluminum, The Worst Performer,Outlook Positive

ByCommodityOnline
Published 02/28/2014, 02:32 AM
Updated 05/14/2017, 06:45 AM


--Aluminum was the worst performer in the yesterday's trading session both globally and locally taking negative cues from the durable goods orders data, wherein transportation sector could not see very strong performance

--However are not suggesting selling as the metals inventories declined by 36,025 MT in the last five trading sessions and the cancelled warrants for the commodity too increased by 1% during the same period which might support the commodity.

--Additionally, the PVO table depicts a mixed outlook as the price and volumes have declined but the open interest has increased which might be due to the contract shifting ahead of the today’s expiry (February). Overall we have a ranged outlook on aluminum in the today's trading session as the commodity might take negative cues from the negative durable goods orders data. However our broader outlook continues to be positive as also stated in our weekly and daily reports earlier.

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