Excerpt from weekly report: Aluminum prices after falling over 5+% in the month of May showed a slight positive movement in the week ending on 15th May 2014. As of Friday 3 month rolling forward LME Aluminum prices are seen trading at $1787 up by 0.87% from its previous week’s close while the weekly high was $1810. We had suggested a mixed view on the metal in the last week while our bias was onto buy side from lower levels. However, at the domestic market the gains were eradicated due to Indian rupee appreciation. The primary reasons for the commodity to suggest buy was rising premium in the world market while the cash price of Aluminum was seen trading close to cost of production for a few miners. Therefore, the rebounding in the prices was anticipated.
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