Aluminium settled up 0.75% at 113.60 as support seen from ruppe fell to post its worst week in 2-1/2 months, tracking a weaker euro after a surprise rate cut by the European Central Bank and as state-run oil refiners started sourcing dollars in spot markets. While LME aluminum was stagnant during the Asian session after opening at USD 1,822/mt last Friday. 204,000 jobs were added in US non-farm sector in October, well above the 125,000 expected. Surprisingly upbeat data, however, reignited concerns that the US Federal Reserve will announce QE3-tapering during its policy meeting in December.
Monday, November 11, 2013
Commodity Trading Tips for Aluminium by KediaCommodity
Aluminium settled up 0.75% at 113.60 as support seen from ruppe fell to post its worst week in 2-1/2 months, tracking a weaker euro after a surprise rate cut by the European Central Bank and as state-run oil refiners started sourcing dollars in spot markets. While LME aluminum was stagnant during the Asian session after opening at USD 1,822/mt last Friday. 204,000 jobs were added in US non-farm sector in October, well above the 125,000 expected. Surprisingly upbeat data, however, reignited concerns that the US Federal Reserve will announce QE3-tapering during its policy meeting in December.
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