Aluminium futures were trading lower during the morning trade in the domestic market on Friday as speculators indulged in trimming their positions amid fall in physical demand for aluminium in the domestic spot market.

At the MCX, Aluminium futures for July 2016 contract is trading at Rs 112.05 per kg, down by 0.04 per cent, after opening at Rs 112.30, against a previous close of Rs 112.10. It touched the intra-day low of Rs 111.95.

Aluminium on MCX settled up 0.45% at 112.1 as support seen on expectations of more stimulus by major economies. Aluminium prices are likely to hover between $1,500 and $1,700 per tonne for the latter half of this year as oversupply will cap further gains. Aluminum stocks in China’s five major markets have been falling steadily for months, but a turning point is on the horizon. 

                    Trading Ideas 

1. Aluminium trading range for the day is 110.9-112.9.       

2. Aluminium prices are likely to hover between $1,500 and $1,700 per tonne for the latter half of this year as oversupply will cap further gains.   

3. The number of Americans filing for unemployment benefits unexpectedly held steady near a 43-year low last week.