MCX Aluminum expected to retreat in next week

Commodity reported that aluminum remains negative in ongoing week as selling sentiment continues. Aluminum demand is weak these days.

Mr Amrita Mashar commodity analyst said that “Technically, Resistance for Aluminum is at 114. Aluminum July contract opened at INR 112.60 and made low of 112 during today’s trading session. Aluminum future has dropped by 0.42% to INR 112 per kilogram.

Mr Amrita Mashar said that “Buy Aluminum near 113.60 levels for target of 117 with SL of 111 while long term traders can wait till 119 as bottom fishing is expected in near term.”