LME Aluminum Is Seen Trading At $1755
CommodityOnline | Mar 31, 2014 03:34AM ET
Aluminum: Monday’s review report is an excerpt from our weekly metals report. As of Friday close aluminum’s 3 month rolling forward contract ended the week at $1758, up by more than $20+ from its previous week’s close. At the MCX platform, the April futures contract ended the week at 104 from its previous week’s close. Aluminum and other metals have also moved higher during the week, except for Nickel. The LME index has also traded higher by 1%. During the week, we saw most of the asset classes outperforming, except in the US. The Asian markets have traded on a positive note followed by Europe while only the US markets have declined slightly, which might have supported the metal to trade on a positive note. From the inventory front as of Friday, there has been a decline of 27775 tons week on week, which is hovering at 5387100 tons and may have also supported higher trade in metals.
This morning LME Aluminum is seen trading at $1755 no major change over the weekend. We believe for the day market may remain steady while a buying interest may be developed from lower levels. As stated in our global market analysis section, during the day from Europe we have euro-zone CPI and Germany retail sales data which may have its marginal negative impact on the euro so on some of the asset classes. In this regard we intend to buy the metal in such a way that the trading recommendation should initiate during European session while its result shall be seen in the US hours. However, looking at theother activities we believe the returns on the trade may be limited on today’s trading session.
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