Neal Bhai Reports (NBR) – MCX Aluminium Market Report – Aluminium on MCX settled up 1.53% at 159.15 gained in late session while prices dropped in the morning session took a breather but was expected to resume its rally as U.S. sanctions disrupt supplies from the world’s No. 2 producer Rusal.
MCX Aluminium Strong Support 158, Above 158 SELL KARNA MANA HAI – We blast up to 168——172+++++++
DON’T PANIC @LOWER LEVELS
MCX Aluminium Market Report
Pressure seen after the news that Chinese industrial output expanded 6.0 percent in March year-on-year, the slowest pace in seven months, while fixed asset investment for January-March also came in below expectations. China’s economy, however, grew 6.8 percent in the first quarter of 2018, slightly faster than expected.
Read More : Why U.S. Sanctions On Rusal Will Benefit Indian Aluminium Producers
Benchmark aluminium on the London Metal Exchange was volatile, touching a 6-1/2 year peak of $2,435, then slipping into negative territory. Pressure also seen as more aluminium arrived into LME warehouses, which traders said was likely to be Rusal material, pushing up LME inventories by 52,125 tonnes to 1,412,400 tonnes, the highest since June last year.
Read More: Commodity Traders Stop Buying From Rusal After Sanctions
Volumes remained moderately high, reaching 27,000 lots despite last week’s average of more than 35,000 lots. With Rusal metal currently under strict oversight, the LME announced details on Monday specifying open contract positions with Rusal subject to strict guidelines limiting profit-making.
