Aluminium yesterday traded with the negative node and settled -1.64% down at 103.75, as data from the U. S. Conference Board shows the country's Consumer Confidence Index has climbed to 56, a seven-month high in November. LME aluminum failed to receive much support from such data, however, due to a strong wait-and-see sentiment caused by weak aluminum demand. The metal closed USD 31/mt lower at USD 1,996/mt after a temporary stay at USD 2,034/mt, the intraday high. Markets were relatively calm overnight. Italy successfully sold EUR 7.5 billion bonds, causing the Euro to move upward. In response, LME prices rallied stably after touching a low, but failed to break out the USD 2,050/mt level at the high-end. Nevertheless, as investors preferred to stand on the sidelines before the Euro-zone Finance Ministers' meeting on November 29th to give detailed rules for the bailout fund, market activity on the LME restored to normal. Later, the US announced the Consumer Confidence Index surged to 56 in November, well above the market expectations of 44, and the highest level since July, which boosted both US equity markets and the US dollar. In yesterday's trading session aluminium has touched the low of 103.6 after opening at 105.25, and finally settled at 103.75. For today's session market is looking to take support at 103.1, a break below could see a test of 102.5 and where as resistance is now likely to be seen at 104.9, a move above could see prices testing 106.1.

Trading Ideas:

Aluminium trading range is 102.5-106.1.

Aluminium dipped as $ came under pressure ahead of meeting of euro zone FM in Brussels later in the day.

European FM meeting was held in solving the European debt crisis.

China's domestic market, it is rumored that China's economic data for November will all decelerate.