ALUMINIUM SLUMPED TO NOVEMBER 2011 LOWS AT MCX
DATE: 27/06/2012
MCX Aluminium perpetually falling down extending its downtrend in June 2012. Aluminium fell by 1% or Rs 1.05 at Rs 103.45 per kg on Tuesday, 26th June and tested an intraday high at Rs 104.75 per kg and low at Rs 103.3 per kg. The contract traded below 9-day EMA and was found to be on oversold region with its RSI at 16.17. Aluminium breached the major support level of Rs 104 per kg and was found to be near to the another major support level of Rs 102.4 per kg. Aluminium found resistance levels at Rs 104.3 per kg and Rs 104.8 per kg.
At LME, Aluminium plummeted to July 2010 levels having dropped by 0.4% at $1851 per tonne on Tuesday. The concerns on the festering European debt crisis with spike in borrowing costs of Spain and Italy coupled with the mixed economic data from the US hampered the metal. But, the fall in aluminium inventories by 1725 tonnes to 4849975 tonnes at LME pared huge losses in the metal.
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.com
Price of alluminium is going down because of recession. In the current year aluminum goes 1% down.
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ReplyDeleteCOPPER (28 FEB.) TREND: CONSOLIDATE
RES 1: 449.50
RES 2: 452
SUPP 1: 442
SUPP 2: 439
STRATEGY: SELL ON HIGH
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