India: Aluminum fall on low industry demand

AHMEDABAD (Commodity Online): Aluminum April contract has moved down by 1.16% during trading session in MCX due to low industry demand.

Aluminum opened at Rs 95.2 per Kg and made low of 92.9 while it made high of 95.5. Total volume is around 6020 lots and open interest is around 3100. Today LME Stocks for Aluminum -5375.

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

Aluminum has fallen from 109 to 92.9 within last 10 trading days.14 days RSI for Aluminum is at 23 and is decreasing continuously on selling pressure.

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