Bargain Hunting Helped Aluminium To Buoy At MCX

Aluminium buoyed by 0.5% or Rs 0. 5 at Rs 104.7 per kg on Wednesday, 18 July and tested an intraday high at Rs 105 per kg and low at Rs 104.1 per kg.

Aluminium was in downtrend since June 2012 and ended tad higher on Wednesday bolstered by some bargain hunting with 12% dip in its open interest to 9809 lots.

The contract traded below 9-day EMA and RSI stood at 42.07. Aluminium is likely to find support at Rs 104.1 per kg and Rs 103.6 per kg and resistance at Rs 105.2 per kg and Rs 105.5 per kg.

At LME, Aluminium erased previous session losses and plunged by 1.2% at $1895 per tonne on Wednesday. The disappointment over Federal Reserve additional stimulus hopes conspired with the festering European debt crisis on German Chancellor Merkels comments led the metal to slump down. But, the constructive housing data from the US and China solaced the metal to curb huge losses. [ News Via ]

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