26 JUNE 2012NDTV PROFIT
MCX Aluminium edged up by 0.2% at Rs 104.95 per kg on Friday, 22nd June
Edited by : AL CIRCLE
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MCX Aluminium edged up by 0.2% at Rs 104.95 per kg on Friday, 22nd June and tested an intraday high at Rs 105.7 per kg and low at Rs 104.3 per kg. Bargain hunting with 6% dip in its open interest to 9517 lots helped the Aluminium metal end with modest gains shrugging off the its downtrend since early June 2012. The contract traded above 27-day EMA and it was found to be on oversold region with its RSI at 54.07.
At LME, Aluminium slumped to July 2010 levels having dropped by 1.1% at $1864 per tonne on Friday. The slew of gloomy events such as Moody's downgrade of several global banks coupled with bleak economic growth scenario in US, China and Europe hampred the metal. In addition to this, the increase in input costs, oversupply scenario and shortage of raw materials despite the major global producer’s production cuts pulled down the metal. Aluminium is likely to find support at Rs 104.3 per kg and Rs 103.6 per kg and resistance at Rs 105.8 per kg and Rs 106.2 per kg on Monday, 25th June.
At LME, Aluminium slumped to July 2010 levels having dropped by 1.1% at $1864 per tonne on Friday. The slew of gloomy events such as Moody's downgrade of several global banks coupled with bleak economic growth scenario in US, China and Europe hampred the metal. In addition to this, the increase in input costs, oversupply scenario and shortage of raw materials despite the major global producer’s production cuts pulled down the metal. Aluminium is likely to find support at Rs 104.3 per kg and Rs 103.6 per kg and resistance at Rs 105.8 per kg and Rs 106.2 per kg on Monday, 25th June.
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