Aluminium Drops To 2-Weeks Low At MCX

Aluminium fell sharply for the third consecutive day in a row on Friday, 13 July at MCX; breaching the another major support level of Rs 104 per kg amidst the huge short selling in the market.

Aluminum dropped by 0.6% or Rs 0.6 at Rs 104.25 per kg with its intra-day high at Rs 105.15 per kg and low at Rs 103.85 per kg. The open interest added by 17% to 10763 lots and the contract traded below 9-day EMA with its RSI at 31.8. Aluminum is likely to find support at Rs 103.8 per kg and Rs 103.3 per kg and resistance at Rs 105 per kg and Rs 105.9 per kg.

At LME, Aluminium plunged to 2-weeks low by 1.9% at $1870 per tonne on Thursday. The gloomy spate of Federal Reserve announcement of not going for any stimulus measures coupled with the focus on the China GDP data, which is expected to be lower, hampered the metal. But, the better than expected jobless claims data from US pared huge losses in the metal.

News Via Dhansukh

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