ZOID RESEARCH 19-NOV-2014 : ALUMINIUM

3 month forward LME Aluminum continued to decline yesterday and closed at $2011 MT. The overall weak economic data that streamed in from US with regards to the industrial production, capacity utilization rate weighed heavily upon the metal. Fundamentally, the backwardation for Aluminum declined from $13 to $10 MT, followed by a fall in the cancelled warrants by 35175 MT yesterday, indicates a fall in the spot demand. As per the latest quote, Aluminum is trading almost flattish at $2014.2 MT. As for today, the FOMC Meeting Minutes, Building Permits and Housing Starts from Us in the latter part of the day could bring about some mercurial movement in the metals complex. Overall, we recommend selling Al from higher levels for today.

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