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Correction in aluminium prices gives a buying opportunity: Sharekhan
Edited by : AL CIRCLE
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Aluminium prices have corrected nearly 12 per cent after hitting the cycle high of $2,803 on 3rd May earlier this year. The fall in prices leaves a good opportunity for long term buyers to go bullish, says a research report by Sharekhan Ltd.
The LME 3-month aluminium is well placed to rise to $2,750 in a year. The brokerage has initiated a 'BUY' call at $2,466 (Rs109.70 on the MCX) with a positive bias, says the report.
Aluminium is attractive at current levels owning to tightening supply, increasing demand in major countries, strong performance of base metals, rising output cost and substitution effect.
The LME 3-month aluminium is well placed to rise to $2,750 in a year. The brokerage has initiated a 'BUY' call at $2,466 (Rs109.70 on the MCX) with a positive bias, says the report.
Aluminium is attractive at current levels owning to tightening supply, increasing demand in major countries, strong performance of base metals, rising output cost and substitution effect.
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