Sell Aluminium January @ 116 Stoploss Above 121.20 Target 111.80-107.50

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Aluminium on MCX settled down -0.93% at 117.2 tracking LME aluminium closed 0.9 percent down at $1,704 a tonne amid concerns about China's property market, pointing to moves to limit property speculation in 2017. Surplus production capacity in China and muted commodity prices in world markets in the last few years have resulted in a progressive growth in the share of imported aluminium in the country’s consumption. Japan's factory output rose in November and manufacturers expect to ramp up production in coming months, data showed. 

The figures reinforce a dominant market view that the Bank of Japan will hold off on expanding monetary stimulus in coming months with a recent rebound in exports seen supporting growth. Data showed Chinese industry racked up its strongest profit growth in three months in November, suggesting the world's second-largest economy was improving. In Japan, however, core consumer prices fell in annual terms for the ninth month as household spending slumped. 

Chinese firms reported strong performance in the fourth quarter, with hiring on the rise and profits up, but the outlook for 2017 is uncertain as cash flow remains weak and inventories rose at a record pace in late 2016, a private survey showed. The latest IAI data release showed China’s aluminium production rebounded in November and LME stocks are seeing some large deliveries into warehouses. According to the IAI, global aluminium output rose in recent months – it was up 3% month-onmonth in November on higher Chinese output.