Weak economic data from global markets constrained Aluminum although rally is under pressure in earlier week. MCX Aluminum fell from a peak of Rs.104 per kg in last week due to negative sentiment and increasing speculative selling activity in international market.
On Wednesday morning, MCX aluminum September delivery contract opened slightly lower at 102.45 up 0.25 percent per kilogram. Aluminum futures climbed to a new high after yesterday’s release of US consumer confident data.
Meanwhile, Silver futures jumped to a life-time high in the last trading sessions by giving more than 1000 rupees momentum in last trades. Having witnessed a bull tone in silver futures, base metals remained upside in intraday trades。
Technically, Aluminum looks strong above 100. At London Metal Exchange （LME）, Aluminum inventory has been falling for last 3 days, which may play a key role to boost prices on higher side for near term. Considering this, I can see momentum till 105 and even higher till 109 in coming weeks, added Mashar.
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