Commodity reported that MCX Aluminum traded higher evening at MCX following overseas market trends but a strong rupee kept the uptrend limited. Aluminium contract closed at INR 121.90 per Kilogram in last trade.
Aluminum price remains upbeat on positive note of demand outlook in international market. A positive capital inflow in domestic shares, Indian rupee also continued to trade higher
MCX Aluminum future for May opened at INR 122.50. Resistances for the contract are at INR 123 and instant support looks at INR 120 for coming days.
Mr Amrita Mashar analyst of Commodity said that the prices have bounced after a series of fall in the market last week due to gain on lower LME stocks and some buying at lower level.
He said that aluminum price gained on positive sentiment and high volume buying from lower side in last week. I will be going long position somewhere around 121.30 and I am expecting aluminum price rise up to 123 and perhaps above till 124.60 in coming days.
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