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Bargain Hunting Favored Aluminium at Mcx Date
Edited by : AL CIRCLE
1 min read
Aluminium buoyed by 0.6% or Rs 0.65 at Rs 108.5 per kg and tested an intraday high at Rs 108.65 per kg and low at Rs 107.9 per kg on Friday, 12th May. Short covering with 26% drop in its open interest to 2692 lots helped the metal to recover from its earlier lows. The contract traded below 9-day EMA and RSI stood at 40.57. Aluminium at LME also dropped by 0.7% at $2031 per tonne on Friday. The investor's woes on the Greece formation of government and sluggish growth economic signals from the world's second largest economy, China hampered the metal. But, the sanguine data from the US pared huge losses, Aluminium at MCX is likely to find support at Rs 107.8 per kg and Rs 107.1 per kg and resistance at Rs 109.4 per kg and Rs 110.4 per kg on Monday, 14th May. POWERED BY: COMMODITY INSIGHTS
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