Aluminium price has been stable so far this week after witnessing a sharp fall on Friday last week. The Aluminium Futures contract traded on the Multi Commodity Exchange (MCX) surged over 5 per cent to make a high of ₹377.15 per kg on Thursday. But on Friday, the contract tumbled giving away all the gains to mark a low of ₹350.50. The news that the Strait of Hormuz will be fully opened triggered this sharp price fall.

The price has however bounced back well from that low and is currently trading at ₹364 per kg. Iran has said that it has closed the Strait of Hormuz again. So, the uncertainty can keep the market highly volatile going forward.

Outlook

Key resistances for the week are at ₹369 and ₹374.  Supports are at ₹354 and ₹350. Lower support is around ₹343. Broadly, ₹350-₹369 (narrow) or ₹343-₹374 (broad) can be the possible trading range that can be expected for some time now.

Within the range, the bias is slightly inclined towards bearishness. As long as the contract trades below ₹374, we see high chances for a fall to ₹354-₹350 or even ₹343 in the short term.

The MCX Aluminium contract must breach ₹374 decisively in order to gain momentum. Only then the upside will open up for a fresh rise to ₹390.

Trade Strategy

Traders can wait for a rise and go short at ₹367 and ₹372.  Keep the stop-loss at ₹376 initially. Trail the stop-loss down to ₹365 as soon as the contract falls to ₹361. Revise the stop-loss down to ₹362 and ₹360 when the price falls to ₹360 and ₹358 respectively. Exit the short positions at ₹356.

Published on April 21, 2026