Aluminium futures (₹343/kg), after losing about 15 per cent in June, has gained a little over 4 per cent so far this month. But the trend may not have turned positive yet.

The July futures rebounded from the support at ₹326 early this month. Over the last few sessions though, it has largely been trading in a sideways trend between ₹340 and ₹346.

From the current level, the contract might extend the upswing to ₹350-352, which is a resistance band. On the back of this, aluminium futures is likely to resume the downtrend again.

Once the decline begins, the contract can retest the support at ₹326. A breach of this can drag aluminium futures further to ₹315.

Instead, if aluminium futures surpasses the barrier at ₹352, the outlook can turn positive again where the contract can rise to ₹360 and subsequently to ₹375.

Overall, as it stands, we expect aluminium futures to rise to ₹350-352 price band and then witness a fresh leg of fall.

Last week, for traders with high-risk appetite, we suggested buying aluminium futures at an average price of ₹342. Hold on to this trade with a stop-loss at ₹338.

Trail the stop-loss up to ₹345 as soon as the contract goes up to ₹347. Revise the stop-loss higher to ₹346 when the price touches ₹349. Exit the long positions at ₹350.

Published on July 21, 2026