21 JUNE 2012NDTV PROFIT
Aluminium dropped by 0.5% or at R 105.75 per kg on Wednesday, 20th June
Edited by : AL CIRCLE
1 min read
MCX Aluminium was in downtrend since the early of this month by breaching the major support level of R 107.5 per kg and was found to be near to the another major resistance level of R 105.5 per kg. Aluminium dropped by 0.5% or R 0.5 at R 105.75 per kg on Wednesday, 20th June and tested an intraday high of R 106.45 per kg and low of R 105.5 per kg. Short selling with 9% rise in its open interest to 9261 lots pulled down the metal for the second consecutive day.
The contract traded below 9-day EMA and it was found to be on oversold region with its RSI at 20.23. At LME, Aluminium remained unchanged at $1920 per tonne on Wednesday. The mixed economic uncertainties pertaining to Federal Reserve open market committee stimulus decision and the woes on the Spain borrowing costs weighed on the sentiment. However, the tight aluminium market providing some support to the metal and restricting huge fall in the metal.
The contract traded below 9-day EMA and it was found to be on oversold region with its RSI at 20.23. At LME, Aluminium remained unchanged at $1920 per tonne on Wednesday. The mixed economic uncertainties pertaining to Federal Reserve open market committee stimulus decision and the woes on the Spain borrowing costs weighed on the sentiment. However, the tight aluminium market providing some support to the metal and restricting huge fall in the metal.
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