Aluminium settled 0.49% up at 101.95 despite of the US financial markets were closed on Monday and Tuesday due to the Hurricane Sandy. The pullback of bond yields in Spain and Italy eased market worries. Thin trading sent the US dollar index below 80, helping base metals rebound during the yesterday's session. LME aluminum regained $1,900/mt and only touched a high of $1,923/mt, with strong resistance at the 5-day moving average as investors were cautious towards buying and as trading volumes contracted. Finally, LME aluminum ended the day up $13.8/mt or 0.72% at $1,918.8/mt. Base metal prices staged minor rebound overnight, due to buying from some bargain hunters. Japan’s central bank announced to expand risk assets purchasing by YEN 11 trillion, to YEN 91 trillion. This is the second time for Japan’s central bank to loose monetary policy to prevent economy from slipping into recession. The continuous loose monetary policy from Japan will boost financial market to certain extent. Affected by negative impact of hurricane Sandy, the New York equity market closed for the second day on Tuesday. Trading sentiment in base metal market was quiet. For today's session market is looking to take support at 101, a break below could see a test of 100.1 and whereas resistance is now likely to be seen at 102.5, a move above could see prices testing 103.1.

ALUMINIUM

Aluminium trading range for the day is 100.12-103.12.

Aluminium settled up despite of the US financial markets were closed on Monday and Tuesday due to the Hurricane Sandy.

Base metal prices staged minor rebound overnight, due to buying from some bargain hunters.

Aluminium daily stocks at Shanghai exchange came up by 173 tonnes

Warehouse stock for Aluminium at LME was at 5083150mt that is up by 22325mt.

SELL ALUMINIUM OCT @ 102.50 SL 103.50 TGT 101.50-100.50.MCX