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The light metal lost all previous-day gains after losing support at the 5-day moving average. China’s property curb vow and persisting worries towards the European debt crisis will continue weighing on metals today.Buying will be weak as traders hold quotations and downstream and middlemen stand on the sidelines. The US and European markets Wednesday continued to absorb Chinese Premier Wen Jiabao's statements of further efforts in regulating the housing market, igniting market worries over uncertainties in prospects for spot copper demand there. 

This dampened prices of crude oil, industrial metals, and other commodities that are sensitive to economic growth. Besides, the US announced the latest softer-than-expected import price index in the evening, weighing on US equity markets which swung between gains and losses. The US dollar also gathered rising momentum after breaking technical resistance at 80. For today's session market is looking to take support at 110.2, a break below could see a test of 109.6 and where as resistance is now likely to be seen at 111.6, a move above could see prices testing 112.3.

Trading Ideas:

Aluminium trading range for the day is 109.58-112.28.

Aluminium dropped as China’s signal to maintain property curb boosts dollar buying and weighs on base metals

The higher US treasury yields pushed the US dollar higher, weighing on base metal prices

China’s property curb vow and persisting worries towards the European debt crisis will continue weighing on metals.

Ref Soyaoil yesterday traded with the positive node and settled 0.28% up at 722.75 tracking a rally in overseas markets and as good demand in physical market amid dwindling supplies bolstered sentiments. There is strong exports demand for soymeal, but soybean supply is dwindling. 

Arrivals have gone down sharply in physical market. India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meagre carry forward stocks of beans, a senior industry official said on March 9. Global oilseed production for 2011/12 is projected at 445.7 million tons, down 6.7 million from last month. Foreign production, projected at 354.5 million, accounts for all of the change. 

Brazil soybean production is forecast at 68.5 million tons, down 3.5 million tons from last month due to lower projected yields resulting from hot, dry conditions in the southern states. At the Indore spot market soyoil edged up by 4.7 rupee to 727.2 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 721.7 after opening at 723.9, and finally settled at 722.75. For today's session market is looking to take support at 721.3, a break below could see a test of 719.9 and where as resistance is now likely to be seen at 724.6, a move above could see prices testing 726.4.

Trading Ideas :

Ref soyaoil trading range for the day is 719.88-726.38.

Ref soyaoil ended higher tracking a rally in overseas markets and as good demand in physical market bolstered sentiments.

There is strong exports demand for soymeal, but soybean supply is dwindling.

India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal.

At the Indore spot market soyoil edged up by 4.7 rupee to 727.2 rupees 10 kgs.

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