EPIC RESEARCH MCX ALUMINIUM UPDATE OF 07 Nov 2016

Aluminium trading range for the day is 113.9-115.9. Aluminium prices dropped on profit booking amid expectations of large surpluses this year after prices on LME crossed above $1,700 a tonne. Stocks of aluminium in LME-approved warehouses have fallen more than 60 percent to 2.14 million tonnes from a record high of 5.49 million tonnes in January 2014. Global aluminium stocks estimated at around 15 million tonnes are expected to increase due to rising output in top producer China.
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