|Aluminium can come under pressure as the day progresses as inventories can play a critical factor for the value. The aluminium inventories are at all time highs and this is already creating supply glut in world markets.|
The demand has been lower in China and world mining majors has already tightened their belt to reduce the amount of aluminium produced. Until the supply cuts are seen in aluminium prices, are expected to remain under corrective scanner of the bears. LME aluminium inventories increased by 9100 tonnes to 5167725 tonnes on Monday.
On Tuesday, LME three month prices of aluminium was trading 0.9 percent up at $ 1898.75 per tonne. MCX aluminium expiry for April was trading at Rs 102.3 per kg, down 0.15 percent. Aluminium prices have so far tested a high of Rs 102.4 per kg and a high of Rs 102.2 per kg.
Source by Commodity Insights