LME aluminum prices are seen trading at $1843, down by $8

We had a bullish outlook on Aluminum yesterday but, it declined sharply during the early US session when the dollar index surged. The commodity finally ended on a lower note at Rs 110.20, down by 1.50% while it settled lower at $1852 at the LME. We also believe it was a broad based sell off that pulled the commodity lower. Aluminum inventory at the LME declined to 5334175 tons but, the impact was not visible on the prices. As stated, the price fall was mostly because of a broad based sell off.

This morning at the LME, aluminum prices are seen trading at $1843, down by $8 from the previous close. We believe the fall could be expected to continue in today’s trading session. Though volume participation was low in the market, we believe some more price correction can be expected. Also, the higher trade in the equity markets has not had much of an impact on the prices, indicating that they may remain marginally lower today. As we proceed to the US session, we have the housing data and so, any substantial change in the figure might create a volatile view on the commodity. For the day, we expect a marginal price correction in Aluminum.

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