Aluminium on MCX settled down -0.61% at 138.80 dropped
Aluminium on MCX settled down -0.61% at 138.80 dropped as LME Aluminium ended down 0.6 percent at $2,171 a tonne after prices rose on Monday, boosted by expectations of healthy demand from the electric vehicle sector, a pollution crackdown in China and signs of solid global economic growth. Participants at the LME Week industry gathering in London last week were bullish about the sector’s prospects. Meanwhile China’s Ministry of Commerce has asked the World Trade Organization (WTO) for consultations on a recent U.S. move to impose antidumping duties on imports of Chinese aluminium foil. The ministry, which accused Washington of breaking world trade rules after the United States on Oct. 27 imposed duties of up to 162 percent on Chinese foil imports, said late on Friday it had submitted the request for supplementary consultations under the WTO dispute resolution mechanism on Nov. 3. Market participants were also monitoring U.S. President Donald Trump’s Asian tour. Trump arrived in South Korea on Tuesday amid concerns Washington may resort to military action against its Northern neighbour. Technically market is under long liquidation as market has witnessed drop in open interest by -9.63% to settled at 3368 while prices down -0.85 rupees, now Aluminium is getting support at 138.2 and below same could see a test of 137.5 level, And resistance is now likely to be seen at 139.9, a move above could see prices testing 140.9.
# Aluminium trading range for the day is 137.5-140.9.
# Aluminium dropped as pressure seen on profit booking and a stronger dollar.
# China’s Ministry of Commerce has asked the WTO for consultations on a recent U.S. move to impose anti-dumping duties on imports of Chinese aluminium foil.
# German industrial production fell in September after surging a month earlier, but output grew by 0.8 percent in the third quarter