Prices in London and Shanghai crossed decade highs - Geojit Financial
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Aluminium
Aluminium prices rallied on supply worries owing to tensions in Guinea, a major Bauxite producer, amid the refinery problems in Brazil and Jamaica. Prices in London and Shanghai crossed decade highs.
Global Economy
• Global equities showed a mixed sentiments last week, where US Dow Jones index slipped along with some European peers while key Asian benchmark indices gained.
• China’s Central Bank cut reserve requirement ratio by 50 basis point for all banks , a move which will release around 1 trillion yuan in long term liquidity into the economy
• US Producer prices for final demand were up 0.7 percent MoM in August of 2021, the lowest reading in 3 months.
• China's annual inflation rate unexpectedly was at 0.8 percent in August, compared to 1 percent in July. It was the lowest figure in five months.
• China's producer prices increased by 9.5 percent YoY in August. This was the eighth straight month of increase in factory gate prices and the steeper pace since August 2008.
• China’s trade surplus was at USD 58.34 billion in August 2021, it was the largest trade surplus since January
Outlook
Tight supply and increased demand outlook continue to take prices higher.
LME: Bullish rallies to continue as long as prices stay above $2400. It required to break $2100 to negate the view and take prices lower. MCX Sep: If the support of 208 remain undisturbed, expect bullish rallies to continue in near future.
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