Aluminum futures succeeded in maintaining the upward rally for the entire last week, as investors’ maintained steady confidence to purchase the metal.
The metal tracked higher side due to lower activity by speculators and investors in global markets.
Having witnessed a range-bound price movement in all industrial metals in earlier weeks, Aluminum futures proved as a market driver among all of the rest. On Wednesday morning, MCX Aluminum September delivery contract rose by 0.28 percent per kilo gram, tested new high at 107.95.
Today, Asian and European equity markets closed on positive mode as investors once again showed their interest in risky investments. Aluminum futures expected to track positive equity market and strong metals momentum, informed Amrita Mashar.
The inventory data, released every day at London Metal Exchange （LME） was seen decreasing incessantly, which played key roll to keep the down-trend limited for Aluminum futures.
Technically, Aluminum futures look strong above 105 on demand concerns from industry and the spot market. I am expecting that aluminum future may rise up to 108.50 in intraday trades and above it may test 110 in coming days, Mashar added.
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