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Dec 29 2007 11:44AM
Aluminium prices continued to dip during .

BASE METALS

ALUMINIUM

FUNDAMENTALS

Aluminium prices continued to dip during Friday’s session at the LME following declines in copper prices and the release of weaker than expected US new home sales numbers.Moreover, losses in the UK equity markets and year-end trading kept aluminium prices subdued.  

The prices also weakened as crude oil prices washed away its entire day’s gains to close in negative during the last session of the week at the NYMEX. International Aluminum Institute recently revealed total world aluminum stocks in November fell 33,000 mt to 2.746 million mt from prior months 2.779 million mt.

 

 

TECHNICALS

Aluminium chart is displaying a downtrend. Candlestick pattern is showing bearish sentiments. The prices have closed below short as well as medium term EMA’s showing weakness. Stochastic Oscillator is falling in neutral region and RSI is declining in oversold region indicating weakness. Aluminum may trade volatile as international markets are closed for the weekend.

 

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Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI
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