Aluminium futures price currently reached INR 307 per kg. At the beginning of the month, the contracts were recorded in a stable situation, remaining in a stable range. 

M-o-M aluminium futures movement 

As the market witnessed fluctuations in the January second half, traders on both the bullish and bearish sides kept negotiating, with no clear breakout or strong trend emerging just yet.

Also read: LME aluminium cash offer increases to $3,035/t on February 18 as opening stocks decline 0.42% to 475,550t

In early February, aluminium futures have been moving in a range between INR 302 and INR 318 per kg. A strong breakout from this sideways movement could give the market a clearer idea of where prices are headed next.

Current trading situation

In the present situation, the contract is being traded at INR 307 per kg, putting it near the lower end of the previously determined range. Moreover, the 50-day moving average is deemed to be sitting at INR 307 per kg, aligning with the current price level.

Check out the latest LME aluminium prices here

Regardless of aluminium futures still shifting around within a set range, there is a good chance that the market will witness an upward shift from the support level. The contract might turn back to the INR 318 per kg mark and the traders might rethink jumping into long positions based on that.

Traders’ future focus

The trader may need to rethink buying aluminium futures at INR 306 per kg currently. It is suggestive for the traders to aim for a target of INR 318 per kg, but they need to ensure that traders set a target and stop-loss at INR 300 per kg.

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