MCX Aluminium May Trade Between 135.8-141.2 Levels

Technically MCX Aluminium market is getting support at 136.7 and below same could see a test of 135.8 level, And resistance is now likely to be seen at 139.4, a move above could see prices testing 141.2. 

Aluminium on MCX settled down 1.68% at 137.70 as downward pressure emerging across global equity indices in addition to a sharp downturn in oil futures, which tricked through to metals prices.

While sentiments may turn positive as consumption grew faster than supply, the inventory destocking cycle across Chinese aluminium market lasted for an extended period in 2018 and is expected to continue in 2019 with broad-based supply cuts.

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