MCX Aluminum may note some gains tracking copper prices, however the upside remains capped. Weighing on prices is record high stocks at LME warehouses and news that Rio Tinto Alcan will restart production at its 100,000-ton Shawinigan MCX Aluminum smelter in Quebec, Canada. Stocks at LME fell by 450 tons yesterday after hitting new high of 50,19,525 tons on Monday while stocks at SHFE rose by 46,078 tons or 19.41% last week. Support for MCX Aluminum February contract is seen at Rs.108 while resistance of Rs.111.
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