Good Intraday Rebound Takes MCX Aluminium Above Rs 150 Mark

MCX Aluminium futures stayed supported today amid positive Chinese economic data though a weary undertone in equity markets capped gains. A tumble in Indian Rupee to 19 month lows boosted the local commodities and was supportive for Aluminium too. Chinas industrial profit surged 21.1% year-over-year in May, slower than the 21.9%increase in April, data from the National Bureau of Statistics showed Wednesday. However, in the first five months of this year, industrial profits advanced 16.5% annually compared with a 15% rise in the first four months. This kept base metals afloat and the MCX Aluminium futures are currently trading at Rs 150.45 per kg, up marginally on the day. Prices had dropped near Rs 149 per kg levels in early afternoon before edging up and have just broken into green.