Aluminium on MCX settled down -1.9% at 134.30 tracking weakness in LME prices dropped by 1.5 percent to $2,102.5 amid weaker demand in top consumer China. Annual Japanese retail sales fell for the first time in a year last month, government data showed, as poor weather including two typhoons kept consumers away from stores and restaurants.
Trading Ideas:
* Aluminium trading range for the day is 132.9-136.7.
* Aluminium prices dropped tracking weakness in LME prices dropped by 1.5 percent to $2,102.5 amid weaker demand in top consumer China.
* Gold estimates aluminum supply will react to China’s reducing output. In future two to three years aluminium will be in surplus supply.
* China’s aluminium production in October was 2.546 million tonnes, down from 2.606 million tonnes, data from the IAI showed.
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