In earlier week, Aluminum future remained in negative side due to weak economical indicators in global market. Metal prices seemed to be sliding down for long pick. Among industrial metals, Aluminum is only metal that ended dull below 100 in last weeks.
This week starts with negative tone, but Aluminum future remains steady and increased gradually ahead this week. Once again investors regained their confidence to buy this metal again as alternative investments.
On 17th September 2010 Aluminum September delivery contract opened higher at 99 per kg up by more than 1 percent and tested five-day high at 100.50 at MCX （Multi commodity Exchange）.
"The week was one of the most hopeful weeks for gains in most metals including zinc, lead and copper due to positive global cues. Industry demand and constant decrease in stockpiles at London Metal Exchange （LME） are giving significant motivation to prices,” said to Amrita Mashar, analyst with Commodity Online.
Aluminum once again bounced back in action due to timely technical lift and prices have broke psychological level of 100 by today. Buying momentum will continue as attraction of bottom fishing is intact in the metal. Aluminum future is expected to reach up to 105 in coming weeks conditioning to price closes above 100 in daily basis, she added.
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