Aluminium ......
Aluminium can come under pressure as the day progresses as
inventories can play a critical factor for the value. The Aluminium
inventories are at all time highs and this is already creating supply
glut in world markets.
The demand has been lower in China and
world mining majors has already tightened their belt to reduce the
amount of Aluminium produced. Untill the supply cuts are seen in
Aluminium prices are expected to remain under corrective scanner of the
bears. LME Aluminium inventories increased by 9100 tonnes to 5167725
tonnes on Monday.
On Tuesday, LME three month prices of Aluminium
was trading 0.9 percent up at $ 1898.75 per tonne. MCX Aluminium expiry
for April was trading at Rs 102.3 per kg, down 0.15 percent. The prices
have tested a high of Rs 102.4 per kg and a high of Rs 102.2 per kg.
Source by Commodity Insights
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