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LME, Aluminum Is Seen Trading Steady $1760, Bullish Trend

ByCommodityOnline
Published 04/02/2014, 07:04 AM
Updated 05/14/2017, 06:45 AM



Aluminum: We have been bullish on Aluminum for the past few sessions, supported by lower inventories at the LME. Aluminum’s 3 month forwards prices at the LME ended the day at $1795.50, up by $10 from its previous close. Likewise, MCX April futures settled at Rs 106.35. Aluminum stocks have been declining continuously for 10 consecutive days and on Tuesday, stood at 5.375 million tons.

This morning at the LME, Aluminum is seen trading steady $1760 however, we believe that Aluminum prices may initially take a dip and later may turn higher. The near term fundamentals hold with the falling stocks at the LME, which may keep the commodity elevated. However, looking at the SHFE market, the May futures are trading down by 0.70% and trading at 12860 Yuan/MT. We believe that any further decline in the SHFE Aluminum prices may restrict the gains in the prices globally. For the day we hold a bullish view from the lower levels for minimal profit targets.

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