MCX Aluminum may note some decline tracking copper prices, however the downside remains capped. Prices may also come under pressure amid record high stocks at LME however talks of production cuts may cap the downside.
Stocks at LME hit new high of 5121300 tons yesterday while cancel warrants rose to 30.14% Also stocks at SHFE rose by 23,316 tons or 8.2% last week. Support for Aluminum February contract is seen at Rs.105.5 while resistance of Rs.108.5.
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