ALUMINIUM
ENDED ON FLAT NOTE AT LME
DATE: 08/06/2012
At LME, Aluminium
ended flat at 1986 per tonne Thursday. Investors got cheered by the successful
bond auction and fall in US jobless claims on one side and China's reserve
rewuiement which raised the concerns on its sluggish growth economic scenario
coupled with Fed signaling no further stimulus on other side pressurized the
metal. The sequrntial decline in LME aluminium inventories that fell by 28750
tonnes to 4875375 tonnes curbed huge losses in the metal.
Aluminium remained
unchanged at Rs 108.4 per on Thursday, 7th June at MCX and tested an intraday
high of Rs 108.75 per kg and low of Rs 107.6 per kg. The rise in its open
interest to 2103 lots restricted the metal from its fall. The contract traded
below 9-day EMA and was still found to be on 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 Friday, 8th June.
POWERED BY: COMMODITY
INSIGHTS
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