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Aluminum: Ranged To Selling Outlook

ByCommodityOnline
Published 03/12/2014, 05:15 AM
Updated 05/14/2017, 06:45 AM



--Aluminum prices declined by 1.4% and 1.2% to $1750.50 and Rs. 105.50 at LME and MCX platform respectively. Yesterday we expected that aluminum prices might get support from the declining inventories and increase in cancelled warrants. However the metal prices declined owing to a broad based fall in the other metals.

--From the inventory front there are mixed cues as even though the stocks declined in the last two trading sessions, there was no major change in the cancelled warrants. Aluminum premiums have declined from a high of 20 cents per pound to 18 cents per pound which might weigh negatively on the commodity during the day.

--This morning 3M Aluminum prices at the LME platform are trading at $1757 marginally higher by $5 dollars. At the MCX platform aluminum prices declined with flattish volumes as equated to Monday while open interest increased by 19% which indicates decline in prices might continue. We carry a ranged to selling outlook on the commodity during the day.

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