AHMEDABAD （Commodity Online）: Aluminum September delivery contract ended in red in last trade with good volumes. Aluminum futures closed above 102 at 100.45 rupees on Tuesday, giving negative signal for upcoming trading sessions.
In morning trades at MCX counters today, Aluminum September contract opened slightly higher at 100.40 down by 0.10 percent with total volumes 3397 tons.
Last week, Aluminum futures rose exponentially with good support last week on physical buying as industry demand increased. In the month of August, Aluminum was trading higher and reached to a high near 103.
Aluminum futures corrected as price traded in the over-bought region at peak levels. Aluminum is trading in corrective zone. Yesterday's fall in prices kept uptrend limited for the day. But continuous decreasing inventory stocks at London Metal Exchange put a cap on a down trend.
“Fundamentally, Aluminum future seems to be strong from here. In case, price closes above 101 than I expect an extended rally till 105 in near-term,” said Amrita Mashar, an Analyst with Commodity Online.
Approach for the day should be to take long position near 99.80 for target near 100.80.
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