Aluminium futures gain 1.20 pc on global cues

Aluminium prices edged higher by 1.20 per cent to Rs 135.45 per kg in futures trading today as speculators built up fresh positions amid positive global cues.

At the Multi Commodity Exchange, aluminium for delivery in May spurted Rs 1.60, or 1.20 per cent, to Rs 135.45 per kg in a business turnover of 10 lots.

Similarly, the metal for delivery in April traded higher by Rs 1.35, or 1.02 per cent, to Rs 134.35 per kg in 226 lots.

Analysts said, building up of fresh positions by speculators, tracking a firm trend in the metal on concerns that sanctions by the US on aluminium giant Rusal could hamper trade in some 7 per cent of the world's annual supply of the metal, supported the upside in the metal's prices at futures trade here.

The US on Friday imposed sanctions against Russian businessmen, companies and government officials.

At the London Metal Exchange (LME), aluminium rallied 2 per cent to USD 2,082 per tonne, adding to a 1.6 per cent gain on Friday and taking prices to the highest since March 22.

Aluminium was up nearly 1 per cent on the Shanghai Futures Exchange where markets reopened after a four-day break.