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Aluminium May Show Slight Gain In The Prices Short Covering

ByCommodityOnline
Published 05/09/2014, 02:26 AM
Updated 05/14/2017, 06:45 AM



Aluminum: 3 month forward LME Aluminum prices ended the day at $1766.50 mostly unchanged from its previous close. We saw slight intraday volatility in the prices while by end of the day market remained steady. We had no news from the fundamental front, Aluminum stocks at LME declined in a single day by 9700 MT but the impact was not visible clearly. This morning at LME, Aluminum is seen trading at $1775+ marginal gain over previous close. We believe the commodity may show slight gain in the prices as part of short covering. While, we look at the derivative analysis we expect a good amount of short covering in the contract therefore, possibly prices may rebound. Besides, there are no fundamental updates on the commodity. As stated above the declining of inventories could bring in slight support to the metal. So, overall, for the day we recommend buying nickel for the day. Also, there is news that strong demand globally and producer cuts may pull the market into deficit from H2’2014 therefore, we may see gradually the commodity may remain bullish in the near term.

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