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Aluminium To Face Stiff Resistance Going Forward

Higher inventories levels and slag demand will not be helping Aluminium going forward. The prices have shown promising rise in last one-two days but the fundamental picture is still not positive.

Total world reported Aluminium inventories appreciated in July as per International Aluminium Institute. The latest trend suggested that the Aluminium inventories were at 2398000 tonnes in July 2010, up 6.8% from the month of June when the inventories were at 2246000 tonnes.

Aluminium inventories in Asia increased by 5.3% to 377000 tonnes in July.

In coming days the markets will start focusing on the Aluminium imports data from China.

Both imports and exports in China were down in July. Imports of Aluminium were down by 9.5% on a monthly basis in July. The imports stood at 67462 tonnes in July 2010. Exports also plunged in July by 2.3% to 68786 tonnes.

In today's trades, Indian Aluminium futures are trading at Rs 99 per kg, up by a slight percentage. The markets are expected to face stiff Resistance at Rs 100. Supports for the contract are at Rs 98-97.8 levels.