Aluminium up by 0.2% on global cues

Aluminium prices today rose by 0.16% to Rs 127.70 per kg in futures trade as speculators enlarged positions amid a firming trend overseas.

Besides, increased demand at domestic spot markets also influenced prices.

At the Multi Commodity Exchange, aluminium for delivery in October rose by 20 paise, or 0.16%, to Rs 127.70 per kg in business turnover of 11 lots.

Similarly, the metal for delivery in September traded higher by 15 paise, or 0.12%, to Rs 126.85 per kg in 198 lots.

Market analysts said the rise in aluminium prices at futures trade was mostly attributed to a firming trend in metal at the London Metal Exchange (LME) as worse-than-expected manufacturing data in China and the euro area increased speculation of more economic stimulus and rising demand at spot markets here.

Globally, aluminium for delivery in three months was up 0.4% at $2,102.50 at the LME.

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