Sell MCX Gold below Rs 28400; Target 28350:Dani Commodities

Aluminium flocked onto huge losses on a single day having plunged by 1.7% or Rs 1.9 at Rs 107.85 per kg with its intraday high at Rs 109.4 per kg and low at Rs 107.8 per kg. Huge short selling with the 85% rise in its open interest to 3652 lots pulled down the metal to 2-week low. The contract traded below 9-day EMA and RSI stood at 40.03. Sharp Appreciation in Rupee also hammered he metal.

But, at LME, Aluminium buoyed by 0.9% at $2045 per tonne on Thursday amidst the improved risk appetite during the late session on fall in US jobless claims and eased concerns on Greece and Spain. However, the fall in Chinese imports for April 2012 led the metal to touch its week lows and curbed huge gains. Chinese customs reported that China unwrought Aluminium imports declined by 22% to 94352 tonnes in April 2012 on m-o-m basis. While China unwrought Aluminium imports moved up by 18% on y-o-y basis, total imports were 79724 tonnes in April 2011.

China unwrought Aluminium exports have been dropped both on yearly as well as monthly basis. The total unwrought Aluminium exports from China declined by 20% to 54105 tonnes in April 2012 on m-o-m basis. The exports of Aluminium from China also declined on y-o-y basis by 11% from 60722 tonnes in April 2011. Aluminium at MCX is likely to find support at Rs 107.1 per kg to Rs 106.2 per kg and resistance at Rs 111.7 per kg and Rs 112.3 per kg on Friday, 11th May.

MCX GOLD
International: Major Support at USD1620. Bullish till USD1800.
Domestic: Sell below 28400, Stop loss 28450, Target 28350.

MCX SILVER
International: Major Support at USD31. Bullish above USD35.
Domestic: Sell below 54150, Stop loss 54450. Target 53850.

MCX COPPER
International: Major Resisatnce at LME 9600. Bullish till LME 8500.
Domestic: Buy at 435, Stop loss 433, Target 437.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.