--Aluminum ended the yesterday's trading session marginally lower by 0.7% at the LME platform as the commodity declined taking negative cues from the weak Chinese manufacturing data and hawkish comments from the Fed.
--An aluminum stock declined by 60,200 MT and the cancelled warrants for the commodity continues to remain at higher levels. However this positivity on the inventory front and short term supply squeeze in the commodity and higher premiums for the commodity did not protect the commodity from a sharp fall in the yesterday`s trading session.
--For the day, we are having a selling view on aluminum as the commodity might take negative cues from the durable goods orders data excluding transportation which declined sharply to 1.6% and the Fed tapering it monthly asset purchases by another $10 billion which is likely to weigh negatively on the commodity. However the quantum of fall might be limited as the metal may get support from the existing short term supply squeeze in the commodity due to lack of availability of the metal due to abnormally low temperatures in the US.
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Aluminum Closes Down 0.7%, On Negative Cues
Published 01/31/2014, 05:41 AM
Updated 05/14/2017, 06:45 AM
Aluminum Closes Down 0.7%, On Negative Cues
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