MCX ALUMINIUM TIPS 07 JUN 2012

ALUMINIUM DROPPED AND FOUND TO BE IN OVERSOLD REGION AT MCX

DATE: 07/06/2012       

Aluminium was the only metal that dropped by 0.2% or Rs 0.25 at Rs 108.4 per kg on Wednesday, 6th June and tested an intraday high at Rs 109.75 per kg and low at Rs 107.7 per kg. The open interest also dipped by 15% to 2033 lots and pulled down the metal. Aluminium obtained few gains during the last two sessions but the fell earsing the previous session gains. The contract traded below 9-day EMA and found to be in oversold region with its RSI at 29.7. Aluminium was finding strong support at Rs 108 per kg and Rs 107.5 per kg and resistance at Rs 109.2 per kg and Rs 109.5 per kg on Thursday, 7th June.

At LME, Aluminium buoyed by 0.3% at $1984.5 per tonne on Wednesday as the improved risk appetite in global economy helped the metal to end with modest gains. The supply tightening in the market with the decline in LME inventories solaced the metal. But, the concerns on the US economic growth coupled with the euro zone debt woes curbed huge gains in the metal.

POWERED BY: COMMODITY INSIGHTS

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