BARGAIN HUNTING FAVORED ALUMINIUM AT MCX
DATE: 11/06/2012
MCX Aluminium buoyed by 0.5% or R 0.5 at R 108.9 per kg on Friday, 8th June and tested an intraday high of R 108.95 per kg and low of R 108 per kg. Bargain hunting with 10% dip in its open interest to 1900 lots lifted up the metal. The contract traded below 9-day EMA and RSI stood at 38.13. Aluminium was finding strong support at R 108 per kg and R 107.5 per kg and resistance at R 109.7 per kg and R 110.5 per kg on Monday, 11th June.
At LME, Aluminium shed by 0.7% at $1973 per tonne on Friday. The woes pertaining to the Chinese economic growth conspired with the festering Spain's banks hampered the metal. But, the decline in aluminium inventories and higher premiums pared huge losses in the metal.
POWERED BY: COMMODITY INSIGHTS
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