Aluminium futures slide on diminishing demand
Further, a decline in physical demand for aluminium at the domestic spot market was due to trimming of fresh positions by traders in the spot markets, influenced aluminium prices at futures trade. At the MCX, aluminium futures for December 2016 contract is trading at Rs 117.20 per kg, down by 0.17 per cent, after opening at Rs 117.50, against a previous close of Rs 117.40. It touched the intra-day low of Rs 117.20.
Technically market is under long liquidation as market has witnessed drop in open interest by -5.3% to settled at 3752 while prices down -0.9 rupee, now Aluminium is getting support at 116.6 and below same could see a test of 115.8 level, And resistance is now likely to be seen at 118.7, a move above could see prices testing 120.
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