Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

LME Aluminium May Witness Below $1800, Buying Recommended

ByCommodityOnline
Published 05/15/2014, 07:31 AM
Updated 05/14/2017, 06:45 AM



Aluminum: We had the local trading only for half session yesterday however; the metal in the domestic exchange traded higher and settled the day at Rs. 105.65 up by 1.40% taking cues from LME which ended higher by 1.57%. One of the major reasons for the metal to rise in the global market is declining inventories. This morning at LME, aluminium counter is trading at $1800 and we believe Aluminum can still be a buy from lower levels by looking at its inventory performance which has declined over 21000 tons in just two working days. Moreover, the commodity had declined much below $1800 near the cost of production so a good amount of rebounding in the price is expected. Also, while we look at the derivatives front we see, price has been moderately supported by the volumes and the open interests is maintaining steady and likely that eventually the commodity may remain elevated. Hence, we are suggesting buying the metal from lower levels.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.