Aluminium on MCX settled down -0.2% at 122.95 tracking weakness from LME aluminium which closed flat at $1,850 a tonne as traders book there long position and sold aluminium on high as looking ahead to Chinese trade data on Friday for signals of the strength of the world's second-biggest economy. Meanwhile Norway's Norsk Hydro, one of the world's top aluminium makers, said on Thursday it was unclear whether China would cut production this winter to battle smog and that it expected the country's aluminium output to rise by up to 9percent this year. Yesterday dollar gained as data showing rising U. S. wholesale inventories and an unexpectedly low number of Americans filing for unemployment benefits pushed up the dollar and U. S. bond yields. Also Chicago Federal Reserve President Charles Evans, a voter on policy this year, told reporters it is reasonable to expect the Fed to raise rates three times this year. However, St. Louis Fed President James Bullard said interest rates can likely remain low through at least 2017, with no clear sense yet of whether the Trump administration's policies will spark higher inflation or growth. Investors added $7.5 billion in cash to U. S.-based taxable bond funds during the week through Feb. 8, Lipper data showed on Thursday, marking the sixth straight week of inflows. Technically market is under fresh selling as market has witnessed gain in open interest by 3.14% to settled at 2003 while prices down -0.25 rupees, now Aluminium is getting support at 122.5 and below same could see a test of 122.1 level, And resistance is now likely to be seen at
123.5, a move above could see prices testing 124.1.

Trading Ideas:

# Aluminium trading range for the day is 122.1-124.1.

# Aluminium dropped ahead to Chinese trade data on Friday for signals of the strength of the world's second-biggest economy

# Russia’s aluminum exports increased in 2016, aluminum exports totaled 3,481,400 tonnes.

# People’s Bank of China stopped publishing reverse repo for five days in a row.