Commodity Radar: Time to buy MCX Aluminium futures in dips, says Religare analyst. Why technicals & fundamentals support trade
Technical view
ETMarkets.com
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Aluminium prices have been gradually making positive strides aided by US President Donald Trump 's tariff triggers. The MCX July Aluminium futures were trading with positive bias on Tuesday, taking cues from the overseas peers. They were trading at Rs 253 per kg, marginally up by 0.06% in the evening trade.On the Shanghai Futures Exchange, aluminium prices hit their highest since November, with the most active contract rising 0.75% to 20,900 yuan ($2,913.26) a ton.Meanwhile, the three-month contracts on the LME were hovering around $2646.50 a ton, gaining by 0.65%.The outlook for aluminium remains bright, says expert Ajit Mishra who is Senior Vice President (SVP) Research at Religare Broking. In his view, it was time to take positions in this base metal.'Aluminum prices are gradually inching higher following significant policy shifts by the United States, which has announced a 30% tariff on Mexican aluminum products set to take effect from August 1, 2025,' Mishra said.The base metal is also finding support from lower supply prospects.Mishra said that the output from top producer China is due to slow this year as the current production pace is bound by the annual cap of 45 million tons, initially mandated to aid carbon emission targets.This coincides with expectations of higher demand in Europe as the EU members signaled, he added, highlighting that the EU is expanding its defense goods production and supply for European factories is already limited due to sanctions of major producer Russia.Decoding the technical charts, Mishra said that MCX aluminum has been maintaining the upward track since the last couple of months and continued to give weekly closings above a strong support region of 245.In his view, bullish stamina is intact in the base metal as the steady higher highs and higher lows pattern in the recent candles signals buyer dominance. Moreover, aluminum has now sustained above the 50-day and 200-day moving averages, indicating a shift in momentum towards the bullish side.Traders may consider a buy-on-dips strategy near Rs.250-251 with a stop-loss at Rs.244, targeting Rs.262-264 for the coming weeks.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
19 minutes ago
- Business Standard
IHH inks Fortis-Gleneagles O&M deal to strengthen pan-India platform
Under the agreement, Fortis will manage operations of six Gleneagles hospitals and one clinic, earning a monthly fee and expanding its bed capacity and national presence Sanket Koul New Delhi In a bid to consolidate its healthcare presence in India, Malaysian healthcare major IHH on Wednesday announced an operation and maintenance (O&M) services agreement between its two subsidiary companies—Fortis Healthcare and Gleneagles Healthcare India (GHIPL). As part of the agreement, Fortis will manage the operations of five out of the six hospitals and one clinic under the Gleneagles India network. The agreement will become effective for the sixth hospital—Gleneagles BGS Hospital in Karnataka—upon receipt of acceptance and acknowledgment from certain third parties. The move expands Fortis' geographic footprint by increasing beds under its management, and provides incremental revenue and improves profitability through direct service fees. As part of the deal, Fortis will be entitled to receive a monthly service fee at the rate of 3 per cent of the net revenue of GHIPL's hospitals business on a consolidated basis, which stood at Rs 718.5 crore as of March 31, 2025. Fortis' consolidated revenue stood at Rs 7,783 crore for the full financial year 2024–25 (FY25), of which Rs 6,528 crore came from its hospital business. The healthcare major currently has 4,750 operational beds, including O&M beds, in 27 facilities. It recorded 69 per cent bed occupancy, generating an average revenue of Rs 2.42 crore per occupied bed in FY25. The Delhi-based chain, however, added that the arrangement with Gleneagles is being done on an arm's length basis, as determined by an independent financial adviser. 'The arrangement does not entail any acquisition and is only for the provision of O&M services,' Fortis said in a regulatory filing on the exchanges. The filing also stated that GHIPL shall bear all third-party and out-of-pocket expenses incurred by Fortis, in the manner laid down in the definitive documents. Commenting on the deal, Prem Kumar Nair, group chief executive officer of IHH, said the O&M services agreement reflects the company's commitment to long-term growth in one of its most important markets. He added that this is being done by deepening collaboration to enhance patient care and outcomes and drive greater operational efficiencies.
Fashion Value Chain
19 minutes ago
- Fashion Value Chain
BPTP Awards Rs. 910 Crore Civil Works Contract for Gaia Residences & Verti Greens to BL Kashyap & Sons Ltd.
BPTP, one of North India's leading real estate developers pleased to announce the award of the civil works construction contract for its landmark residential developments GAIA Residences and Verti Greens on Sector 102 Dwarka Expressway, Gurugram to BL Kashyap & Sons Ltd. (BLK), one of India's most trusted construction companies. BPTP Amstoria Verti Greens Manik Malik, CEO, BPTP said that 'BPTP is pleased to announce the awarding of the civil works contract for the construction of Gaia Residences and Verti Greens, together spanning over an approximate 4.2 millionsquare feet Built Up area of premium residential development on Dwarka Expressway, to BL Kashyap & Sons Ltd. The total contract is valued at approximately Rs. 910 crores, underscoring the scale and ambition of this marquee project in Gurugram. Gaia Residences and Verti Greens are integral to BPTP's flagship Amstoria community, envisioned to set new benchmarks in design excellence, sustainability, and aspirational living in the NCR region. The projects also brings together world-class design partners like DP Architects (Singapore), Aedas (Singapore), Grant Associates, Blink Singapore, Whitby Wood, , Geocon, Nulty Dubai and Sanelac, among others. Multiple additional construction related packages including MEP, faade, interiors, landscaping, and others will also be awarded in due course, amounting to approximately Rs. 1000 crores. With BL Kashyap & Sons Ltd. spearheading the construction and an internationally acclaimed team shaping the vision, BPTP is confident that Gaia Residences and Verti Greens will redefine urban residential living, delivering thoughtfully crafted spaces that offer enduring value to our future residents.' BPTP GAIA Residences About BPTP BPTP is one of India's most trusted and leading real estate developers, with a strong presence in the Delhi-NCR region. The company has delivered over 25,000 homes, as well as numerous landmark residential and commercial projects that blend cutting-edge design, modern architecture, and sustainable living solutions. Known for its innovative and customer-centric approach, BPTP continues to redefine urban luxury through future-first development, premium amenities, and a commitment to excellence, transparency, and elegant, efficient living.
Business Standard
19 minutes ago
- Business Standard
Shriram Life Insurance Partners with ESAF Small Finance Bank to Serve Underserved Markets
NewsVoir Hyderabad (Telangana) [India], July 23: Shriram Life Insurance Company (SLIC) has partnered with ESAF Small Finance Bank to expand the reach of life insurance products to the underserved segments across India. As part of the partnership, ESAF Bank will act as a corporate agent for Shriram Life, distributing its insurance offerings through ESAF's branch network. The partnership focuses on reaching first-time insurance buyers, low-income families, and rural households. ESAF Small Finance Bank received its banking licence from the Reserve Bank of India in November 2016 and started operations on March 10, 2017. As of June 30, 2025, it operates 788 branches, 713 ATMs, and 1,095 customer service centres across 24 states and two Union Territories, serving a customer base of over 5.6 million with socially responsible banking solutions. "At Shriram Life, our mission has always been to serve the underserved by making insurance simple, affordable, and truly within reach. We believe protection should not be a privilege, but a basic financial right for every Indian household--no matter where they live or what they earn. That's why this partnership matters. With ESAF's strong local presence and our shared commitment, together we can help fulfill the vision of 'Insurance for All'," said Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance. "This partnership strengthens our mission of serving the underserved by providing essential insurance solutions that promote financial security and resilience. Together, we're committed to building a more inclusive and empowered future for our communities," said K. Paul Thomas, MD and CEO, ESAF Small Finance Bank. This partnership supports both companies' efforts to promote financial inclusion by offering simple, relevant, and accessible protection to those who need it most. Shriram Life Insurance is committed to serving the underserved and unserved segments of India, focusing on families that truly need financial protection. With a network of 478 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities--tailored for rural and urban middle-class customers. Shriram Life maintains an average individual policy size of Rs. 25,346 and a non-single premium ticket size of Rs. 24,112, significantly below the industry average. With over 14.4 lakh in-force policyholders and Rs. 13,207 crore in Assets Under Management, the company continues to drive financial inclusion by addressing the real needs of households earning Rs. 4-15 lakh annually, despite the inherent challenges in this segment. ESAF Small Finance Bank, which commenced operations in 2017, is dedicated to advancing social and financial inclusion in India. Staying true to its mission of serving the underserved and unserved, the Bank empowers women, micro-entrepreneurs, and rural communities through a community-centric approach that blends technology with deep local insights. ESAF's banking model is guided by the principles of People, Planet, and Prosperity, reflecting its commitment to inclusive growth and sustainable development. A share of the Bank's profits is reinvested into social initiatives that create meaningful impact across its areas of operation. Backed by a 33-year legacy rooted in its beginnings as a mission-driven NGO founded in 1992, ESAF has grown into a trusted banking partner for millions, fostering financial independence and resilience at the grassroots level.
