Friday, May 21, 2010

India: Aluminum fall on higher stocks

AHMEDABAD (Commodity Online): Aluminum May contract has moved down by 0.60% during trading session in MCX due to Dollar strength and higher stocks.

Aluminum opened at Rs 92.85 per Kg and made low of 90.85 while it made high of 93.6. Total volume is around 3588 lots and open interest is around 2280. Today LME stocks is +39075

“Technically, resistance level is at 95” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.

14 days RSI for Aluminum is at 35 and is decreasing continuously on selling pressure.

“Fundamentally, Aluminum is weak. One can make short position at 97 levels for long term.” said Shah.

To get in touch with the Analyst on this report, please mail to

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