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Aluminium surged by 0.6% or Rs 0.7 at Rs 109.85 per kg
Edited by : AL CIRCLE
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Bucking off the trend, Aluminium was the only metal surged for the second consecutive day by 0.6% or Rs 0.7 at Rs 109.85 per kg on Thursday, 17th May and tested an intraday high of Rs 109.95 per kg and Rs 108.8 per kg. Short covering with 7% dip in its open interest to 3258 lots favored the metal to trade higher snapping the earlier 3-week lows. The contract was trading below 50-day EMA and RSI stood at 57.88. Also, at LME, Aluminium ended flat at $2033 per tonne on Thursday favored by the short term supply tightening situation in the market with the some sequential fall in aluminum inventories from the early May 2012. However, the global economic woes pertaining to Greece, Spain and US weighed down the sentiment and led the metal to end on a flat note. Aluminium at MCX is likely to find support at Rs 108.6 per kg to Rs 109.4 per kg and resistance at Rs 110.4 per kg and Rs 111 per kg on Friday, 18th May.
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