MCX Aluminum remains choppy, Dollar eyed

As Euro continued falling against dollar for a second straight day, the base metals traded with negative bias. Industrial metals dropped nearly one percent with zinc and nickel being biggest losers.


At MCX counter, Aluminum September delivery contract opened slightly lower at 101.70 down 0.25 per kilogram. Aluminum remained quietly supportive at 101.


Meanwhile, Aluminum inventory increased continuously on London Metal Exchange（LME）, which might push up the prices further.


Strong dollar is putting pressure on metal prices to remain down side. Technically, Aluminum futures look strong above 100. I am expecting prices to climb up to 105, if it succeeds to sustain above 100 in coming days