AHMEDABAD (Commodity Online): Aluminium MCX June contract traded with positive node and settled 0.13% up at 113 taking into account negative inventories from past few days and on news that Greece took further steps not to default and to get additional bailout package from European Union (EU) and International Monetary Fund (IMF).
LME Aluminum prices closed at 2,541 USD per metric tonnes on Tuesday, up by 10 dollar. LME Aluminum prices should move between 2,530-2,560 USD today due to ongoing Greek debt crisis. Aluminium inventories were down for the third straight day today on LME. The inventories in London metal exchange was down by 12950 tonnes today.
Meanwhile, Dollar index also remained on negative side as there was pressure from 2 dominating currency GBP and EURO as well as on the account of the negative expectations of US economical data.
According to Amrita Mashar, Analyst with Commodity Online, Today the market is looking to remain choppy and may conclude at flat to positive (as there is expectation of short covering going on in the market). Additionally, as per technical charts Aluminium may find support near 111.60 and then it is expected to move in north direction.
One can buy it around 112.80-112.60 with stop loss of 111.60 for the target of 114. However, it should be noted that one should strictly follow stop loss as the market is expected to move with negative bias taking into consideration tension in Euro economy.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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