Aluminium on MCX settled up 0.71% at 149.45 bolstered by lower inventories of primary aluminium and aluminium billet across social warehouses. The shutdown of more than 500,000 mt/year capacity of Shandong Weiqiao for a capacity swap also supported the market. Prices also remained supported bolstered by stronger-than-expected Chinese economic growth. China’s economy grew 6.4% in the first quarter, unchanged from the last three months of 2018 and snapped a slowing streak in the past three consecutive quarters. This showe
signs of stabilisation and suggested that government measures are taking effect. Other economic indicators gauging investment, industrial output and consumption were also upbeat, according to data released by the National Bureau of Statistics (NBS).
The Fed’s Beige Book report, a region-by-region assessment of the US economy based on information collected by the 12 regional Fed banks, found that the US economy continued to grow and labour markets remained tight across the country.
Data on Wednesday also showed that the US trade deficit fell to an eight-month low in February as exports to China surged and outperformed a rebound in overall imports. The US' goods and services deficit fell to $49.4 billion in February, its lowest since June 2018 and well below, the Commerce Department reported.
US wholesale inventories increased less than expected in February as sales rose for a second straight month. Technically market is under fresh buying as market has witnessed gain in open interest by 16.84% to settled at 1214 while prices up 1.05 rupees, now Aluminium is getting support at 148.3 and below same could see a test of 147.2 level, And resistance is now likely to be seen at 150, a move above could see prices testing 150.6.
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