Aluminum Lower At $1813 Down By $16, Bearish View
CommodityOnline | Apr 30, 2014 05:58AM ET
Aluminum: We had suggested a bearish view on Aluminum on Tuesday’s trading session. The April and May contract ended the day lower by Rs. 2 at Rs. 106.80 and Rs. 108.45 respectively. We could see Indian counter trading down with the support from the global metals trend which was also lower. The 3 month forward LME Aluminum ended the day lower at $1813 down by $16 from its previous close. We saw more selling in the Indian market as the local currency appreciated against the USD by 0.45%.
Besides, the broad sell off witnessed in the metal sector also pulled aluminum to remain lower. At LME the 3month forward Aluminum is seen trading steady this morning and likely that the commodity may remain lower for the day. As discussed global stocks rising by 11900 tons in a single day at LME could bring in further bearish stance on the market while in India due to contract expiry fresh selling may also be observed. Hence, we hold a bearish view on Aluminum for the day. As such there is no industry related news on the counter.
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