ALUMINIUM RESURFACED TO THE PREVIOUS HIGHS AT MCX
DATE: 27/04/2012
Aluminium buoyed by 0.4% or Rs 0.45 to Rs 107.65 per kg with its high at Rs 107.8 per kg and low at Rs 107 per kg on Thursday, 26th April. Aluminium resurfaced back to the same highs after edging down snapping the rising trend a day before. Bargain hunting coupled with the risk appetite in the global markets helped the metal to obtain the previous gains. The open interest dipped by 3.2% to 4199 lots and volume traded stood at 5945 lots compared to 7380 lots traded last day. Aluminium traded above 27-day EMA and RSI stood at 56.85.
At LME, Aluminium ended flat at $2080.5 per tonne on Thursday after gaining for the last two consecutive days. Amidst the mixed economic uncertainties lurked out in the global markets pertaining to US and Europe led the investors on lull mode. But, the decline in the inventories by 9325 tonnes to 5046350 tonnes at LME solaced the metal.
Aluminium at MCX is likely to find support at Rs 107 per kg to Rs 106.2 per kg and resistance at Rs 108 per kg and Rs 108.7 per kg on Friday, 27th April.
POWERED BY: COMMODITY INSIGHTS
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