China Aluminium Network
Aluminium futures tumble under pressure below 110
Edited by : AL CIRCLE
1 min read
This week began on a negative note and expected to continue as eyes have now down turned towards the rising European economic issues.
On Monday, global markets witnessed a stock selloff and equities in Europe especially declined sharply. Metals prices also move downside as market anxiety increases on no major action by Euro Zone officials to tackle the ongoing crisis.
Aluminium futures fell on back of weak European PMI data along with the declining export orders from China which diluted outlook for metals demand in ongoing week.
MCX Aluminium September delivery contract fall by 0.42 percent to 108.15 rupees per kilogram on Tuesday morning. Immediate support seen at 106 rupees and above side resistance stays at 115 rupees.
Amrita Mashar, analyst with Commodity Online stated that Aluminium future looks weak below 110.
On Monday, global markets witnessed a stock selloff and equities in Europe especially declined sharply. Metals prices also move downside as market anxiety increases on no major action by Euro Zone officials to tackle the ongoing crisis.
Aluminium futures fell on back of weak European PMI data along with the declining export orders from China which diluted outlook for metals demand in ongoing week.
MCX Aluminium September delivery contract fall by 0.42 percent to 108.15 rupees per kilogram on Tuesday morning. Immediate support seen at 106 rupees and above side resistance stays at 115 rupees.
Amrita Mashar, analyst with Commodity Online stated that Aluminium future looks weak below 110.
Previous article
Huaze Aluminium Carries Out “Quality Month” Activity
Next articleMB ALUMINIUM CONF: Producers, traders seen having upper hand in ’12 talks
Grow with
AL Circle
