07 JUNE 2013Commodityonline.com
MCX Aluminium rises after UK manufacturing data
Edited by : AL CIRCLE
1 min read
Aluminium prices at India’s Multi Commodities Exchange (MCX) was trading up by 1.88%. The June Contract is now trading around INR 109.30-111.05 per kg levels.
Aluminium gained as sentiment on the metal remained upbeat amid easing concerns over China’s economic outlook. Positive forecast on UK services Purchasing Manufacturing Index (PMI) has impacted base metal complex.
In LME markets, aluminium is trading around at $1902 per ton.
On Wednesday trade, aluminium June contract declined to a low of INR109.30/kg at 02.46 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 108.3, 107.5 levels and resistance at 112.15 & 112.95, analyst said.
On charts, aluminium prices are showing a positive phenomenon. It is trading above 20 day SMA at 104.19 levels. RSI at 75.29 is bullish and stochastic is at higher levels.
In the evening session, outlook on U.S ISM Non-Manufacturing Index and Euro zone GDP may impact aluminium prices. Strength in dollar index may impact future trading. We expect MCX Aluminium to trade on bullish note.
Aluminium gained as sentiment on the metal remained upbeat amid easing concerns over China’s economic outlook. Positive forecast on UK services Purchasing Manufacturing Index (PMI) has impacted base metal complex.
In LME markets, aluminium is trading around at $1902 per ton.
On Wednesday trade, aluminium June contract declined to a low of INR109.30/kg at 02.46 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 108.3, 107.5 levels and resistance at 112.15 & 112.95, analyst said.
On charts, aluminium prices are showing a positive phenomenon. It is trading above 20 day SMA at 104.19 levels. RSI at 75.29 is bullish and stochastic is at higher levels.
In the evening session, outlook on U.S ISM Non-Manufacturing Index and Euro zone GDP may impact aluminium prices. Strength in dollar index may impact future trading. We expect MCX Aluminium to trade on bullish note.
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