Aluminum ended the yesterday's trading session down by 1% at the LME platform to close at $1763/MT mark.
The aluminum inventories have been declining since last five trading sessions and the cancelled warrants for the commodity have also been increasing during the same period. However the lower inv entories and higher cancelled warrants was not able to protect the commodity from a sharp fall in the yesterday's trading session.
We expect Aluminum to trade in a ranged manner at the MCX platform as on one side the commodity might take positive cues from the high physical premiums which are still hovering above the 20 cents per pound mark due to supply tightness. Howev er on the other hand the metal might take negative cues out of the weak housing data from the US.