Aluminum Closes Down 0.7%, Selling Recommended

Published 01/30/2014, 05:50 AM
Updated 05/14/2017, 06:45 AM


Aluminum


--Aluminum ended the yesterdays trading session lower by 0.7% at the LME platform to close at $1742/MT mark

--Aluminum stocks have been declining since last eight sessions and also the cancelled warrants ratio for the commodity continues to remain above 45%. However the higher cancelled warrants and short term supply tightness in the commodity did not protect the commodity from declining in the yesterday's trading session.

--For the day, we are having a selling view on aluminum. However the intensity of fall may be limited due to the persisting supply tightness in the commodity due to the abnormally lower temperatures in the US and the higher US Mid-West aluminum premiums which are still hovering above 20 cents per pound.

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