India, April 16 -- Technically Aluminium market is under short covering as market has witnessed drop in open interest by 4. 1% to settled at 2037 while prices up 0.55 rupees.
Now MCX Aluminium is getting support at 187.9 and below same could see a test of 187 levels and resistance is now likely to be seen at 189.9 a move above could see prices testing 191.
Aluminium yesterday settled up by 0.29% at 188.75 on strong demand and growing expectations that China s supply will be limited due to carbon emission targets.
The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants as part of a series of measures to meet its energy consumption targets for the first quarter which could curb aluminum ...