Aluminium yesterday traded with the positive node and settled 1.3% up at 104.1. Some support had been seen from the LME stock also which came down by -4700mt, the total stock at LME is now at 4600150mt. In yesterday's trading session aluminium has touched the low of 102.65 after opening at 102.85, and finally settled at 104.1. For today's session market is looking to take support at 103, a break below could see a test of 101.8 and where as resistance is now likely to be seen at 104.9, a move above could see prices testing 105.7. Spread between aluminium APR & MAY contacts yesterday ended at 0.85, we have seen yesterday that the aluminium market had traded with a positive node and settled 1.3% up. Spread yesterday traded in the range of 0.75 - 1.

Trading Ideas:

Aluminium trading range is 101.8-105.7.

Aluminum yesterday rose along with other metals and looking positive above 102.

Support for aluminium is at 100.60 and resistance is at 102.90 level.

Aluminium daily stock at Shanghai exchange came down by -201 tonnes.

ALUMINIUM WAIT TO TAKE POSITION A JUMP CAN BE SEEN TILL 105 LEVEL.