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Bargain Hunting Favoures Aluminium
Edited by : AL CIRCLE
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Aluminium edged up by 0.3% or Rs 0.35 at Rs 110.15 per kg with an intraday high at Rs 110.3 per kg and low at Rs 109.35 per kg on Monday, 28th May. Bargain hunting with 3.4% drop in its open interest to 2193 lots and the improvement in the risk appetite in the global markets favored the sentiment. The contract traded just above 9-day EMA with its RSI at 52.36.Aluminium was finding strong support at Rs 109.6 per kg and Rs 109.3 per kg and resistance at Rs 110.6 per kg and Rs 111.1 per kg on Tuesday, 29th May. At LME, Aluminium edged up by 0.1% at $2021 per tonne on Monday, 28th May as the calmed fears on Greece political and economic distress brought an relief rally in the metal during the morning session. But, the reiterated woes on Spain with its increase in bond yields and slowest growth in China curbed huge gains and led the metal to end with modest gains. The supply tightening in the market with the decline in LME inventories and increase in aluminum premiums solaced the metal.
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