MCX Aluminium: Range bound with a bullish bias
Aluminium prices sustain higher. The price has been broadly range-bound over the last one week. The Aluminium Futures contract traded on the Multi Commodity Exchange (MCX) has been oscillating between ₹268 and ₹275 per kg. Within this it is currently trading at ₹273 per kg.
Outlook
The broader uptrend remains intact for the MCX Aluminium Futures contract. Significant support is at ₹268. As long as the contract stays above this support, the outlook will continue to be bullish. So, there are good chances to see a bullish breakout of the current consolidation above ₹275. Such a break can take the MCX Aluminium contract up to ₹282-₹283 in the short term.
The near-term outlook will turn negative if the contract declines below ₹268. If that happens, a fall to ₹264-263 is possible. The uptrend will come under danger only if the contract extends the fall below ₹263. In that case, ₹258-₹257 can be seen on the downside. Such a fall looks less likely at the moment. Also, it will need some strong negative trigger to break below ₹263.
Trade Strategy
Last week we have recommended to take long positions at ₹271 and ₹270. Hold on to that trade. Retain the stop-loss at ₹267 and follow the same strategy. Trail the stop-loss up to ₹273 as soon as the contract goes up to ₹275. Move the stop-loss further up to ₹275 when the price touches ₹277. Exit the long positions at ₹278.
Published on November 4, 2025