Golden Investment Research Private Limited
Huge Short Selling Dragged Aluminium to A 4-Week Low at MCX
Date: 03.02.2012
MCX Aluminium plunged by 3% or Rs 3.3 to Rs 108 per kg with its high at Rs 111.2 per kg and low at Rs 107.55 per kg on Thursday, 2nd February. The open interest added 77% to 3105 lots indicating short selling and volume traded stood at 10,103 lots compared to 8146 lots traded last day. The contract traded below 100-day EMA and RSI stood at 32.06.
At LME, Aluminium shed by 0.7% at $2241 per tonne on Thursday. Aluminium ended lower amidst the lingering concerns over the Greece debt deal with the private bond holders. But, the constructive economic data from the US conspired with fall in LME inventories that fell by 3775 tonnes to 4992,500 tonnes on Thursday pared huge losses in the metal.
Aluminium at MCX is likely to find support at Rs 107.5 per kg to Rs 106.5 per kg and resistance at Rs 109.5 per kg and Rs 110.6 per kg on Friday, 3rd February.
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