MCX Aluminium rose by 1.4% or Rs 1.55 to Rs 110.35 per kg with its high at Rs 110.6 per kg and low at Rs 108.8 per kg on Wednesday, 22nd February. Aluminium rose near to last week high of Rs 110.6 per kg favored by short sellers covering their positions with 33% dip in its open interest to 2979 lots. The contract traded above 100-day EMA and RSI stood at 60.56 near to the over bought region.

At LME, Aluminium esteemed by 1.5% at $2252 per tonne on Wednesday. The moderate fall in LME Aluminium inventories by 1700 tonnes to 5124,100 tonnes conspired with the Chinese relaxation of property policies outweighed the gloomy sentiment aroung the global markets.

Aluminium at MCX is likely to find support at Rs 109.2 per kg to Rs 108.5 per kg and resistance at Rs 110.6 per kg and Rs 111.4 per kg on Thursday, 23rd February.

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