12 APRIL 2013Commodityonline.com
MCX aluminium trading at INR 102.05-103.15 per kg
Edited by : AL CIRCLE
1 min read
Aluminium prices at India’s Multi Commodities Exchange witnessed a bearish phenomenon. The April Contract is now trading around 102.05-103.15 INR/kg levels.
Release on Euro zone Consumer Prices Index and U.S Jobless claims is likely to be announced may pressurize base metal pack. Aluminium settled down as pressure seen after the report showed China imported 200,000 mt of alumina during March, down 54.5% YoY. Strength in Dollar index may impact dollar denominated commodities.
In LME markets, aluminium closed at $ 1878 levels. Short recovery was seen in global markets.
On Thursday trade, aluminium April contract rose to a high of 103.45 INR/kg at 02.35 pm IST and is expected to trade negative in later session. For intra-day, support is now seen at 101.50, 101.10 levels and resistance at 103.90 & 104.50, analyst said.
On charts, aluminium prices witnessed a bearish picture. It is trading below 20 day SMA at 103.98 levels. RSI at 59.82 is bullish and stochastic is declining to medium levels.
In the evening session, Outlook on Chinese data and U.S Jobless data may impact base metal prices. Strength in Dollar index may impact current prices. MCX Aluminium April to trade on bearish note.
Release on Euro zone Consumer Prices Index and U.S Jobless claims is likely to be announced may pressurize base metal pack. Aluminium settled down as pressure seen after the report showed China imported 200,000 mt of alumina during March, down 54.5% YoY. Strength in Dollar index may impact dollar denominated commodities.
In LME markets, aluminium closed at $ 1878 levels. Short recovery was seen in global markets.
On Thursday trade, aluminium April contract rose to a high of 103.45 INR/kg at 02.35 pm IST and is expected to trade negative in later session. For intra-day, support is now seen at 101.50, 101.10 levels and resistance at 103.90 & 104.50, analyst said.
On charts, aluminium prices witnessed a bearish picture. It is trading below 20 day SMA at 103.98 levels. RSI at 59.82 is bullish and stochastic is declining to medium levels.
In the evening session, Outlook on Chinese data and U.S Jobless data may impact base metal prices. Strength in Dollar index may impact current prices. MCX Aluminium April to trade on bearish note.
Previous article
Aluminum of China's shares up 1.3%
Next articleAlcoa volunteers clean up Strathearn Museum
Grow with
AL Circle
