| Support 2 | 317 |
|---|---|
| Support 1 | 324.40 |
| CMP | 327.25 |
| Resistance 1 | 334 |
| Resistance 2 | 339.10 |
LME Aluminium prices declined 2.12% last week, pressured by a stronger US dollar, rising Chinese exports, Middle East supply restarts and upcoming Indonesian capacity. However, tight exchange inventories and strong nearby demand supported short-term prices. LME stocks fell to 226,350 tonnes, their lowest since 1990, while SHFE inventories dropped over 30% to 132,605 tonnes. Heavy speculative long positions and steep backwardation highlighted near-term supply tightness, prompting a potential short-term rebound. Meanwhile, the CFTC is exploring reforms to US aluminium pricing to improve transparency. However, rising smelting capacity and weaker demand expectations could weigh on prices ahead.
Aluminium price has been traded back & forth over the course of the week and managed to settle on a negative note in past week at 327.25. Price has failed to breakthrough its previous week's resistance of 333 level and continued its momentum below Bearish trend line. Here, on daily chart, we can observe a convergence of 50 and 200-DEMA levels, likely to form a Death crossover in upcoming sessions which is early sign of long–term bearish bias. Immediate support would be at Daily SAR level placed at 324.40 and breakout below this mark will boost downside momentum. RSI level has remained below 50 on Daily and weekly timeframe. Also, we can observe bearish crossover on monthly MACD with negative histograms, collectively suggest bearish bias in Aluminium price.
We are expecting Sideways-to-Bearish trend in Aluminium and traders should look forward for Sell-on-rise opportunity in upcoming week.
Disclaimer
Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Choice Equity Broking Private Limited: SEBI Reg No. Broking - INZ000160131 ( BSE - 3299 ) | ( NSE - 13773 ) | ( MSEI - 73200 ) | ( MCX - 40585 ) | ( NCDEX - 01006 ). Depository Participant SEBI Reg. No. - IN - DP - 84 - 2015, DP ID CDSL - 12066900, NSDL ID - IN301895. Research Analyst - INH000000222 (CIN. NO.: U65999MH2010PTC198714)
Other News
Crude Oil Price Forecast for Next Week
WTI Crude oil prices declined sharply by nearly 12% this week, slipping towards $90 per barrel and recording their steepest weekly fall since mid-April, as hopes of a diplomatic breakthrough between the US and Iran eased concerns over potential supply disruptions. US President Donald Trump held discussions with Qatar's Emir, while Tehran reportedly reviewed nuclear proposals conveyed through mediators. Diplomatic efforts involving Qatar and China have raised expectations of a possible agreement to end the conflict and restore crude flows through the Strait of Hormuz. Despite the round of talk on table, continued tanker attacks and Iran's demands for sanctions relief, frozen asset releases and the lifting of the US naval blockade continue to pose significant supply-side risks.
Silver Price Prediction for Next Week
COMEX Silver prices declined around 6.18% over the week, pressured by stronger US dollar, rising real yields and persistent inflation concerns that reinforced expectations of further Fed tightening. The dollar index climbed above 103, its highest since March 2025, following elevated US consumer and producer inflation data. Markets increasingly expect a 25-bps Fed rate hike in December. Meanwhile, silver's industrial outlook remained mixed, with overall demand forecast to fall 5% this year, including a 21% decline in solar-sector consumption. Although the market is expected to record a fifth consecutive annual supply deficit of 35 million ounces, increased ETP selling and reduced industrial consumption have improved physical market liquidity, limiting upside potential.
Gold Price Forecast for Next Week
COMEX Gold prices closed near $3,883/oz, their lowest levels since September 2025, pressured by a stronger US dollar and rising Treasury yields amid expectations of aggressive Fed tightening. US CPI rose 0.4% in October, while markets priced in an 89% probability of a 25-bps December rate hike. Hawkish Fed commentary and elevated inflation further weighed on bullion. Meanwhile, Indian gold demand remained firm as lower domestic prices encouraged festive purchases, with Dhanteras-Diwali demand rising 30% year-on-year in volume terms, despite imports falling 39.9% during April-October. The US 10-year Treasury yield gained 30 bps weekly, as persistent inflation and AI-sector credit concerns intensified selling pressure across fixed-income markets.