BARGAIN HUNTING HELPED ALUMINIUM TO BUOY AT MCX
DATE: 19/07/2012
Aluminium buoyed by 0.5% or R
0. 5 at R 104.7 per kg on Wednesday, 18 July and
tested an intraday high at R 105 per kg and low at
R 104.1 per kg. Aluminium was in downtrend since
June 2012 and ended tad higher on Wednesday bolstered by some bargain hunting
with 12% dip in its open interest to 9809 lots. The contract traded below 9-day
EMA and RSI stood at 42.07. Aluminium is likely to find support at R 104.1 per kg and R 103.6
per kg and resistance at R 105.2 per kg and R 105.5 per kg.
At LME, Aluminium erased previous session losses and plunged by 1.2% at
$1895 per tonne on Wednesday. The disappointment over Federal Reserve
additional stimulus hopes conspired with the festering European debt crisis on
German Chancellor Merkel's comments led the metal to slump down. But, the
constructive housing data from the US and China solaced the metal to curb huge
losses.
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.com
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