On the Multi Commodity Exchange (MCX), the Aluminium Futures contract trade is recorded to be swaying between INR 268 (USD 3.22) and INR 275 (USD 3.31) per kg. As of now, aluminium is traded at INR 273 (USD 3.28) per kg. As of now, the price has been broadly range-bound in the past week.
With a positive uptrend, the MCX Aluminium Futures contract has a support level which has been set to INR 268 (USD 3.22). As long as the market continues to stay above this mark, the market sentiment will remain bullish.
It is expected to see a bullish breakout above the current consolidation of INR 275 (USD 3.31), then a further upward movement could be achieved. This will significantly push the contract to range between INR 282 (USD 3.39) and INR 283 (USD 3.40) in the near future.
Also read: Cast aluminium alloy most-traded contract retreats after rapid rise, edges down 0.05 per cent ADC12 cost support holds up well
The MCX Aluminium Futures contract's short-term outlook indicates a possible bearish turn if the prices plunge below the crucial support level of INR 268 (USD 3.22). Moreover, if this case persists, there is a good chance of the contracts further tumbling to INR 264 (USD 3.17) to INR 263 (USD 3.16).
A threat for the current upward trend will loom if the contracts further drop beyond INR 263 (USD 3.16), leading to a downside of INR 258 (USD 3.10) to INR 257 (USD 3.09). Given the current trends and market movement, the possibility of a downward trend is unlikely and would require a negative spur to witness such an impact.
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