Natural Gas yesterday we have seen that market has moved 0.8% amid indications of increased demand after forecasts showed warmer-than-normal weather in key regions in the U.S. next week.
The Commodity Weather Group said that temperatures in the U.S. East and Midwest are expected to be warmer-than-normal through June 8. The report was expected to show that U.S. natural gas inventories increased by 93 billion cubic feet, after adding 92 billion cubic feet in the preceding week.
Supplies climbed by 100 billion cubic feet in the same week a year earlier. The five-year average change for the week is an increase of 95 billion cubic feet. Market has opened at 199 & made a low of 198.9 versus the day high of 202.5.
The total volume for the day was at 10404 lots and the open interest was at 3437.Now support for the Natural Gas is seen at 199.1 and below could see a test of 197.2. Resistance is now likely to be seen at 202.7, a move above could see prices testing 204.4.
Trading Ideas:
Natural Gas trading range is 197.2-204.4.
Natural Gas rose amid indication of increased demand after forecasts showed warmer-than-normal weather
Natural gas looks to test support at 199.10 and resistance is seen at 202.70.
Today natural gas storage: EXP: 93B PREV: 92B
Aluminium yesterday traded with the positive node and settled 1.66% up at 114.75 as rising crude oil prices helped push up aluminum prices to a high of 115.45, but high inventories caused LME aluminum prices to trim some gains. LME aluminum prices are expected to struggle at the 10-day moving average, with prices expected between USD 2,520-2,565/mt.
Market sentiment will remain sluggish in view of rising cash flow pressures faced by downstream processors and weakening demand at the month-end. In yesterday's trading session aluminium has touched the low of 112.95 after opening at 113.35, and finally settled at 114.75.
For today's session market is looking to take support at 113.3, a break below could see a test of 111.9 and where as resistance is now likely to be seen at 115.8, a move above could see prices testing 116.9.
Trading Ideas:
Aluminium trading range is 111.9-116.9.
Aluminium settled 1.66% up at 114.75 as rising crude oil prices helped push up prices
Aluminium is taking resistance at 115.80 and support is seen at 113.30.
Aluminium daily stocks at Shanghai exchange came down by 5873 tonnes.
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