Isra-Mart srl: Aluminium futures tumble under pressure below 110

www.isramart.com

This week began on a negative note and expected to continue as eyes have now down turned towards the rising European economic issues.

On Monday, global markets witnessed a stock selloff and equities in Europe especially declined sharply. Tracking falling stocks in international market. Metals prices also move downside as market anxiety increases on no major action by Euro Zone officials to tackle the ongoing crisis.

Aluminium futures fell on back of weak European PMI data along with the declining export orders from China which diluted outlook for metals demand in ongoing week.

MCX Aluminium September delivery contract fall by 0.42 percent to 108.15 rupees per kilogram on Tuesday morning. Immediate support seen at 106 rupees and above side resistance stays at 115 rupees.

Amrita Mashar, analyst with Commodity Online stated that Aluminium future looks weak below 110. This week is very crucial for the European markets and also for international commodity prices as there are various important economical events during the week which will help set trend for the short-term.