How will be 2010 for aluminium

Technical Outlook: Aluminum has been the worst performer among the base metals this year with returns close to 47% only. Favored view is that as long as prices stay above $1900/2000 we could see prices to rally towards 2500/2600 levels which is 61.8% retracement level of the fall from 3380 the peak made in 2008 to the low of 1280 made in 2009. Prices are moving in a channel with supports around 1900/2000 and resistance coming around 2700/2800 levels. After reaching the targets mentioned above we could see prices to correct lower towards 1950/2100 which is also between 38.2% and 50% retracement levels of the rise from 1280 to projected 2500/2600 levels and then rise higher again and test the channel resistance at 2750/2800 levels. Trade commodities or equities from across the globe. Join Now Domestic Price Outlook: MCX Aluminum, front month Dec’09 prices are trading around 104 levels. Aluminum has been the worst performer in the base metal rally this year with returns close to 38% only. Favored view is that as long as prices stay above 85/90 we could see prices to rally towards 117/122. After reaching the targets mentioned above we could see prices to correct lower towards 91/95 and then rise higher again towards 128/130 levels. (Note-The domestic prices could vary depending on the rupee’sappreciation/depreciation. The expected average price of USD/INR for the year 2010 will be Rs.48.50. The variation from expected average price could range between +2 % and -2 %.)