MCX aluminium rise on global cues, spot demand

Taking positive cues from global market and strong demand at India spot markets, aluminium prices edged up 0.43 per cent to INR 94.25 per kg in futures trade today as participants increased their bets.

Marketmen said apart from increased domestic demand, a firming global trend after an interest rate cut in China last week and before a meeting of US Federal Reserve that is expected to keep rates unchanged, helped aluminium futures to trade higher.

At the Multi Commodity Exchange, aluminium for delivery this month inched up by 40 paise, or 0.43 per cent, to INR 94.25 per kg in a business turnover of 273 lots.

The November traded higher by 35 paise, or 0.37 per cent, to INR 95.90 per kg in 49 lots.

Globally, aluminium climbed 1.2 per cent to $1,514 per tonne at the London Metal Exchange.

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