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Aluminium futures likely to trade higher on MCX
Edited by : AL CIRCLE
1 min read
MCX Aluminium yesterday traded with the positive node and settled 1.66% up at 114.75 as rising crude oil prices helped push up Aluminium prices to a high of 115.45, but high inventories caused LME Aluminium prices to trim some gains. Market sentiment will remain sluggish in view of rising cash flow pressures faced by downstream processors and weakening demand at the month-end.
In yesterday's trading session Aluminium futures has touched the low of 112.95 after opened at 113.35, and finally settled at 114.75. For today's session market is looking to take support at 113.3, a break below could see a test of 111.9 and where as resistance is now likely to be seen at 115.8, a move above could see prices testing 116.9.
Aluminium futures trading range is 111.9-116.9.
Intraday traders can buy MCX Aluminium May contract near 114.5 with the stop loss of 113 and can wait for the targets of 116 and 116.9.
In yesterday's trading session Aluminium futures has touched the low of 112.95 after opened at 113.35, and finally settled at 114.75. For today's session market is looking to take support at 113.3, a break below could see a test of 111.9 and where as resistance is now likely to be seen at 115.8, a move above could see prices testing 116.9.
Aluminium futures trading range is 111.9-116.9.
Intraday traders can buy MCX Aluminium May contract near 114.5 with the stop loss of 113 and can wait for the targets of 116 and 116.9.
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