Aluminium futures (February) are now trading at ₹307 (per kg). While the contract has largely been consolidating since the beginning of the month, there is a bearish bias in the price movement over the past week.
For further analysis we shall consider March futures as the February contract is nearing its expiry date of February 27.
Since the first week of February, aluminium futures (March) (currently at ₹312) has been oscillating between ₹304 and ₹322. But in the past week, the price movement has been concentrated towards the lower end of the boundary. The trading range has been the narrow ₹308-315 region. This is a sign of weakness.
That said, the support at ₹304 is a challenge for the bears. Only if this level is breached, will the downswing gain good momentum, potentially leading to a fall to ₹290. Support below ₹290 is at ₹285.
On the other hand, if the contract rebounds from the current level of ₹312 and surpasses ₹315, it can retest ₹322. A clear breakout of ₹322 can bring back the positive momentum, potentially lifting the contract to ₹340.
Trade strategy
Stay on the sidelines. Short aluminium futures (March) if they fall below the support at ₹304. Target and stop-loss can be ₹290 and ₹310, respectively.
Published on February 24, 2026
