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Aluminum future looks positive and buying recommended

Wednesday, Nov 30, 2011
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 Commodity reported that MCX Aluminum traded with the positive node and settled 1.56% up at 105.45, as European leaders will propose a new solution for the region’s debt crisis and IMF may provide Italy with EUR 400 billion to EUR 600 billion of financial aid.

 
 
Meanwhile, US National Retail Federation data show retail sales during this year's Thanksgiving Day surged 16% from last year to USD 52.4 billion.
 
 
The Central Economic Working Conference will be held in December and markets are positive about proposals for industrial structural adjustments and possible loosening of monetary control measures, all of which will help improve copper markets while positive expectations about demand for 2012 also helps push up domestic commodity and stock markets.
 
 
In yesterday's trading session aluminum has touched the low of 104 after opening at 104 and finally settled at 105.45. For today's session market is looking to take support at 104.4, a break below could see a test of 103.4 and where as resistance is now likely to be seen at 106.1, a move above could see prices testing 106.8.

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