Aluminum may witness trading steady near $1775

We saw a good amount of nearly 0.75% decline in the Aluminum prices on Wednesday to settle the three month contract at $1769/MT. Likewise, at the domestic market, May future ended lower at INR 104.40/kg. Also, daily inventory declined at LME but the reaction on the prices were negligible. We saw a broad based sell off in all the metals and believe that the marginal rise in the USD index may have supported the metals to trade higher.

This morning at LME, 3 month forward Aluminum is seen trading steady near $1775. As we proceed today possibly the entire day’s view may remain lower while the day’s performance could be minimal as the equity markets trading positive may not permit the commodity to fall much. News: CME Group, the world's leading and most diverse derivatives marketplace, announced the first North American physically delivered Aluminum futures contracts were traded on Tuesday, May 6, by Macquarie Bank Limited, the executing firm. CME Group Inc. futures trading started for aluminum that can be loaded from U.S. warehouses, a move supported by companies including Miller Coors LLC amid delays at depots linked to the London Metal Exchange.

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