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Aluminum Is Seen Trading Marginally Down At $1774, Buying Recommended

ByCommodityOnline
Published 04/01/2014, 04:56 AM
Updated 05/14/2017, 06:45 AM



Aluminum: Aluminum’s 3 month forward prices at the LME rose for three consecutive trading sessions and ended the day at $1785, up by $27 from the previous close. Therefore, the MCX April futures ended the day at Rs 106.25, up by Rs. 1.75 from its previous close. Aluminum has been the outperformer among its peers. We believe that the inventory performances have been playing a major role in determining the price trend of Aluminum in the recent past. This has been 9th consecutive trading session that saw stocks declining, which is keeping the prices higher. From the premiums front, the cash premiums are mostly muted.

The European premiums rose slightly while the US premiums rose by a mere $2-3 for delivery. This morning at the LME, Aluminum is seen trading marginally down at $1774 while we believe it could be just profit booking. The SHFE Aluminium for the May delivery is marginally down. We believe that the current loss that is visible now may be soon erased and we may continue to hold a bullish outlook on the metal from the lower levels. From the derivatives front, prices, volume and open interests have increased at the LME suggesting the trend will remain positive for the day. Hence, we recommend buying the metal in today’s trading session.

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