Aluminium trading range for the day is 122.1-125.3.Aluminium prices dropped as pressure seen amid possible massive production restarts after prices rose recent rally was fueled by production cutbacks.Aluminum ingot stocks in Chinas five major markets increased 23,000 tonnes on a weekly basis and will remain at current highs for the foreseeable future.Roughly 2.17 million tonnes of alumina capacity, which was cut due to environmental issue may come back online once environmental checks end.
Nickel trading range for the day is 559.6-582.Nickel bounced off its weakest level in nearly a year on short covering after prices dropped pressured by weaker iron ore and oil prices.U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum.While Nickel inventories at LME warehouses remain at elevated levels even though they were well below their 2015 peak.
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