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Aluminum will stay firm above 107 rupees
Edited by : AL CIRCLE
1 min read
Aluminum traded higher on Tuesday evening at MCX following overseas market trends, but a strong rupee kept the uptrend limited.
Aluminum January delievery contract up by 0.50 percent to 107.85 rupees per kilogram on Multi Commodity Exchange(MCX). All metal complex open edge higher but prices cool down in afternoon session.
Aluminum price remains upbeat on positive note of demand outlook in international market. A positive capital inflow in domestic shares, Indian rupee also continued to trade higher.
Resistance for contract looks at 109.50 and support stays at 106.50 rupees. One can buy Aluminium in range of 107.-107.30 with stoploss of 106.50 for target near 109 in near term, informed Amrita
Mashar, analyst with Commodity Online.
Aluminum January delievery contract up by 0.50 percent to 107.85 rupees per kilogram on Multi Commodity Exchange(MCX). All metal complex open edge higher but prices cool down in afternoon session.
Aluminum price remains upbeat on positive note of demand outlook in international market. A positive capital inflow in domestic shares, Indian rupee also continued to trade higher.
Resistance for contract looks at 109.50 and support stays at 106.50 rupees. One can buy Aluminium in range of 107.-107.30 with stoploss of 106.50 for target near 109 in near term, informed Amrita
Mashar, analyst with Commodity Online.
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