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Aluminium ended flat at R 108.05 per kg on Tuesday
Edited by : AL CIRCLE
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ALUMINIUM ENDED FLAT AT MCX AND LME DATE: 16/05/2012 Aluminium ended flat at R 108.05 per kg on Tuesday, 15th May and tested an intraday high of R 108.45 perr kg and low at 107.5 per kg. The open interest fell by 1% to 2605 lots and found to be trading below 9-day EMA with its RSI at 36.6. There was no major movements seen n aluminium from last three days trading in range bound between R 108.4 per kg and R 107.5 per kg.
Aluminum was finding strong support at R 107.1per kg. Also, at LME, Aluminium ended flat at $2020.5 per tonne on Wednesday amidst the mounting political concerns in Greece. But, the improvement in the GDP growth of Germany curbed huge losses in the metal. Meanwhile, Chinese Aluminium production fell by 2% to 1.537 million tonnes in April 2012 on m-o-m basis while it rose by 6.7% on y-o-y basis as per the National Bureau of statistics. Aluminium at MCX is likely to find support at R 107.5 per kg to R 107.1 per kg and resistance at R 108.7 per kg and R 109.2 per kg on Wednesday, 16th May. POWERED BY: COMMODITY INSIGHTS www.goldennifty.com
Aluminum was finding strong support at R 107.1per kg. Also, at LME, Aluminium ended flat at $2020.5 per tonne on Wednesday amidst the mounting political concerns in Greece. But, the improvement in the GDP growth of Germany curbed huge losses in the metal. Meanwhile, Chinese Aluminium production fell by 2% to 1.537 million tonnes in April 2012 on m-o-m basis while it rose by 6.7% on y-o-y basis as per the National Bureau of statistics. Aluminium at MCX is likely to find support at R 107.5 per kg to R 107.1 per kg and resistance at R 108.7 per kg and R 109.2 per kg on Wednesday, 16th May. POWERED BY: COMMODITY INSIGHTS www.goldennifty.com
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