Natural gas yesterday traded with the negative node and settled -1.79% down at 184.2 amid concerns over reduced demand after forecasts showed warmer-than-normal temperatures in key U.S. gas-heating regions during the last week of April.
The U.S. National Weather Service said on Sunday that its 11-to-15 day weather outlook showed that forecasts in the eastern half of the U.S. were expected to be warmer-than-normal from April 25 to 29.According to weather service provider AccuWeather, the high temperature in New York on April 26 will be 75 degrees (23 Celsius), eleven degrees above average.
Weather-driven gas use typically declines in the spring, as mild weather reduces the need to cool or heat homes. For today's session market is looking to take support at 181.2, a break below could see a test of 178.2 and where as resistance is now likely to be seen at 188.8, a move above could see prices testing 193.4.
Trading Ideas:
Natural Gas trading range is 178.2-193.4.
Natural gas ended down amid concerns over reduced demand
Natural gas looks to test support at 181.20 and resistance is seen at 188.80.
A drop to the 800-to-850 rig range would be necessary to begin to balance the market.
Aluminium yesterday traded with the positive node and settled 0.08% up at 118.25 in the late session initially dipped as Standard & Poor's slapped a negative outlook on the US’s top-notch credit rating on Monday, triggering investor concerns over the US economic growth and raising risk-aversion. The ongoing European debt crisis drove the euro versus the US dollar lower. In response, the US dollar index strengthened, with the index opening at 74.89 and closing at 75.47, up 0.86%.
The stronger US dollar and lower crude oil prices weighed down LME aluminum prices. In yesterday's trading session aluminium has touched the low of 117.75 after opening at 118.35, and finally settled at 118.25. For today's session market is looking to take support at 117.6, a break below could see a test of 116.9 and where as resistance is now likely to be seen at 119.1, a move above could see prices testing 119.9.
Trading Ideas:
Aluminium trading range is 116.9-119.9.
Aluminium settled flat tracking weakness in LME prices.
Aluminium is taking resistance at 119.10 and support is seen at 117.60.
Aluminium daily stocks at Shanghai exchange came up by 3006 tonnes.
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