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Aluminum From The Higher Levels, Selling Recommended

ByCommodityOnline
Published 03/03/2014, 05:35 AM
Updated 05/14/2017, 06:45 AM


--Aluminum was the worst performer in the Friday's trading session both globally and locally despite the US consumer confidence increased marginally and the pending home sales also showing marginal improvement even though the data was lower than the market expectations.

--However the stocks front aluminum witnessed decent drawdown in its inventory while cancelled warrants also increased. The aluminum stockpiles fell by 51,875 MT from 5,357,700 MT to 5311300 MT and the cancelled warrants increased by 1% from 2484600 MT to 2483300 MT in the last seven to eight trading sessions.

--The daily PVO table suggests volumes and open interest have increased significantly due to the contract shifting. Though PVO analysis on an aggregate basis suggests that the underperformance in the commodity might continue, as the prices have been falling and the volumes and open interest have also been increasing. So we recommend selling aluminum from the higher levels during the day. Though weekly view on account of inventory numbers remains cautious.

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