19 AUGUST 2011commodityonline
MCX Aluminium outperforms as inventory declined
Edited by : AL CIRCLE
1 min read
Aluminium was the top gainer of the day as the metal surged more than 2 percent on the LME as well as on the MCX from beginning of the week.
Aluminium rose above 109 rupees per kilogram after opening edge higher at 108.35 rupees. Aluminium sustain above 107 that is very good indication for buying sentiment.
According to Amrita Mashar, analyst with Commodity Online, Aluminium inventories witnessed a sharp fall of from last few days at LME. This along with US Dollar weakness acted as a positive factor for Aluminium prices.
Instant support for aluminium future looks at 106 and strong resistance 110. One can buy near 108 with stop loss of 107 and for target near 110.
Aluminium rose above 109 rupees per kilogram after opening edge higher at 108.35 rupees. Aluminium sustain above 107 that is very good indication for buying sentiment.
According to Amrita Mashar, analyst with Commodity Online, Aluminium inventories witnessed a sharp fall of from last few days at LME. This along with US Dollar weakness acted as a positive factor for Aluminium prices.
Instant support for aluminium future looks at 106 and strong resistance 110. One can buy near 108 with stop loss of 107 and for target near 110.
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