Aluminium futures rise on global cues, spot demand

Aluminium prices went up by 0.30 per cent to INR 118.55 per kg in futures trade today as participants strengthened their positions, supported by an upward trend overseas.

Further, pick up in demand in the spot markets also influenced metal prices.

At the Multi Commodity Exchange, aluminium for delivery in September inched up by 35 paise, or 0.30 per cent, to INR 118.55 per kg in business turnover of 67 lots.

Likewise, the metal for delivery in October traded marginally higher by 35 paise, or 0.29 per cent, to INR 119.95 per kg in 7 lots.

Marketmen said apart from increased domestic demand, a firming global trend where Aluminium climbed as stockpiles declined to the lowest in 33 months and United Co Rusal, the biggest producer, forecast that demand will exceed supply next year, mainly influenced metal prices at futures trade here.

Globally, aluminium for delivery in three months added 0.30 per cent to trade at USD 1,969.25 a tonne on the London Metal Exchange.

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