After scaling a record high of around ₹393 per kg on the MCX during the first week of June, aluminium prices witnessed a healthy correction to nearly ₹330 per kg amid profit-booking and easing concerns over immediate supply disruptions. A similar price action has witnessed on the key global markets as well. However, the metal is once again showing signs of strength, with prices attempting to break through the important resistance zones.
The recent rebound has been supported by tightening global inventories, concerns over energy availability in key producing regions, geopolitical tensions in the Middle East, and expectations of robust demand from the power, transportation, renewable energy, and electric vehicle sectors. Additionally, China's production constraints and growing global emphasis on electrification continue to reinforce the long-term bullish outlook for aluminium, a metal increasingly regarded as one of the most strategic industrial commodities alongside copper.
