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Aluminium futures touch lifetime high of Rs 190 per kg on MCX amid firm global cues

The momentum indicator Relative Strength Index (RSI) is at 67.11, which indicates bullish movement in prices.

Mumbai / April 15, 2021 / 09:24 PM IST

Aluminium prices rose to Rs 188.90 per kg on April 15 after touching a new lifetime high of Rs 190.1 during intraday on the MCX. The base metal traded in the positive territory after a gap-up open, tracking firm global trend.

The momentum indicator Relative Strength Index (RSI) is at 67.11, which indicates bullish movement in prices.

The non-ferrous metal continued gains on the Shanghai platform led by Aluminium and Copper. Supply worries in China and Russia boosted price sentiment. Shanghai aluminium was firm at 10-year high on dollar weakness and generally improved risk sentiment.

Kshtij Purohit, Product Manager Currency & Commodities, CapitalVia Global Research Limited said, “MCX Aluminium April traded at an all-time high of Rs 190.1 during the morning session. Prices have rallied more than 4% in this week and we may expect a correction against the current uptrend where 23.6% Fibonacci Retracement levels at Rs 188 could be tested in the upcoming sessions.”

‘Shooting Star’ candlestick pattern can be observed on an hourly chart, indicating prices may fall, Purohit said.

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The US dollar was flat at 91.67, or 0.00 percent in the evening session against the rival currencies.

MCX METLDEX jumped 130 points, or 0.90 percent, at 14,594 at 20:53 hours. The index tracks the real-time performance of key base metals.

In the futures market, aluminium for April delivery touched an intraday high of Rs 190.10 and a low of Rs 188.15 per kg on the MCX. So far in the current series, the base metal has touched a low of Rs 168.90 and a high of Rs 190.10.

Aluminium delivery for March gained Rs 0.85, or 0.43 percent, to Rs 189 per kg at 20:55 hours with a business turnover of 2,209 lots. The same for May contract increased by Rs 0.95, or 0.51 percent to Rs 189 per kg with a turnover of 488 lots.

The value of April and May’s contracts traded so far is Rs 292.60 crore and Rs 22.61 crore, respectively.

Geojit Financial Services Geojit Financial Services

Geojit Financial Services Limited said, “Buying momentum may persist in the upcoming session as well. But an unexpected fall through the downside hurdle of Rs 184.80 may grab prices lower”

MCX Aluminium is likely to trade in a range having support at Rs 188-Rs 186.70 whereas resistance is at Rs 191 - Rs 192.50.

At 15:30 (GMT), the base metal price was up 0.52 percent, quoting at $2,340.25 per tonne in London.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sandeep Sinha

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