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Aluminium Buying Recommended At Lower Levels

ByCommodityOnline
Published 04/23/2014, 05:04 AM
Updated 05/14/2017, 06:45 AM



Aluminum: We had suggested a buy view on aluminum yesterday which ended at $1891, up by $25 from its previous close. We could see broad based buying in all the metals, which also supported aluminum to trade positive. Along similar lines, the aluminum April futures at the MCX also traded positive and ended at Rs 113.30, up by Rs 2 from the previous close. Although aluminum stocks rose at the LME to 5320050 tons, its impact on the prices was not visible. This morning at the LME, aluminum’s 3-month forwards were seen trading at $1890, up by $4 from the previous close. We believe that the gains should continue in today’s trading session while the pace could be moderate. However, as the day progresses, we could see the gains extend ahead of positive new home sales data.

Hence, we recommend buying the commodity from the lower levels. Meanwhile, the rupee depreciating over 20 paisa and traded at Rs 61+, suggesting metals may aggravate more in the domestic market. News: Global Aluminum output reached record high, up 5% Y/Y at 4.329 million tons. The charge, added to the price of aluminum for immediately delivery on the London Metal Exchange was 17.8-18.25/lb ($392-402/mt) on April 17, Harbor Intelligence said in a report.

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