04 JULY 2013Myiris.com
Support for aluminum July contract is seen at INR 106: Kotak
Edited by : AL CIRCLE
1 min read
MCX Aluminium July contract traded at INR 109.20, up 1.35% on Wednesday. It opened at INR 108.20 and touched a high of INR 109.40.
LME aluminum traded marginally lower tracking record high stocks at LME warehouses coupled with supply glut. Stocks at LME fell by 5,500 tons yesterday after hitting a record high level of 5.45 million tons on Monday.
Commenting on the outlook, Kotak Commodity Services said, ''The downside may be capped amid higher cancelled warrants and news of supply cuts and lower production. Also lending support is rising spot premium due lack of availability of metal in physical market. Support for Aluminum July contract is seen at INR106 while resistance of INR109.5.''
LME aluminum traded marginally lower tracking record high stocks at LME warehouses coupled with supply glut. Stocks at LME fell by 5,500 tons yesterday after hitting a record high level of 5.45 million tons on Monday.
Commenting on the outlook, Kotak Commodity Services said, ''The downside may be capped amid higher cancelled warrants and news of supply cuts and lower production. Also lending support is rising spot premium due lack of availability of metal in physical market. Support for Aluminum July contract is seen at INR106 while resistance of INR109.5.''
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