Aluminium yesterday traded with the positive node and settled 0.18% up at 108.65 as Group Seven finance ministers urged during a emergency call meeting that Europe should take bolder measures to curb the regions’ debt crisis, highlighting worries of major economies on a severe recession facing Europe and leading to a cautiously bearish market sentiment. LME aluminum trading has resumed today and is expected to see rang-bound movements at the low-end. Spot aluminum supply has been sufficient and demand weak, so most deals should be done with slight discounts. Some traders unwilling to move goods will quote with small premiums. Traders are also closely watching several monetary policy meetings due this week, including the ECB and BoE, for clues on their responses to weakening global growth. There is some speculation by market analysts that the ECB could announce liquidity injections in to Europe's troubled financial system. Other analysts expect the central bank to renew its suspended government bond-buying program. In addition, Bernanke will testify before a congressional committee about the state of the US economy. For today's session market is looking to take support at 108, a break below could see a test of 107.4 and where as resistance is now likely to be seen at 109.3, a move above could see prices testing 109.9.

Trading Ideas:

Aluminium trading range for the day is 107.38-109.88.

Aluminium gains as G7 finance ministers urged that Europe should take bolder measures to curb regions’ debt crisis

G7 meeting failed to yield substantive results overnight, while Spain's finance and its banking industry face great risks.

US non-farm payroll data well under expectations at 69.000 – hope builds for QE3