MCX Aluminum traded higher on Wednesday evening at MCX following overseas market trends, but a strong rupee kept the uptrend limited. Aluminium contract closed at 121.90 rupees 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
On 28th April, MCX Aluminum future for May opened at 122.50 rupees. Resistances for the contract are at 123 rupees and instant support looks at 120 rupees for coming days.
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, according to Amrita Mashar, Commodity Analyst with Commodity Online.
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" added Amrita.
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