 "Aluminium up 0.4% on overseas cues, spot demand")
Aluminium prices edged up by 45 paise to Rs 123.40 per kg in futures trade today as participants enlarged positions amid a firming trend overseas.
Strong demand in the spot markets also influenced metal prices.
At the Multi Commodity Exchange, aluminium for delivery in August inched up by 45 paise, or 0.37%, to Rs 123.40 per kg in a business turnover of 205 lots.
Marketmen said apart from increased domestic demand, a firming trend in global markets as a jump in home building fuelled speculation that demand will accelerate in the US, the world's second-biggest consumer of industrial metals, helped aluminium futures to trade higher.
Besides, stockpiles monitored by the LME which are at the lowest since September 2012, also supported the upside, they said.
At the London Metal Exchange, aluminium for delivery in three months gained one% to USD 2,039 per tonne.
Strong demand in the spot markets also influenced metal prices.
At the Multi Commodity Exchange, aluminium for delivery in August inched up by 45 paise, or 0.37%, to Rs 123.40 per kg in a business turnover of 205 lots.
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Likewise, the metal for delivery in September traded higher by 35 paise, or 0.28%, to Rs 123.80 per kg in 36 lots.
Marketmen said apart from increased domestic demand, a firming trend in global markets as a jump in home building fuelled speculation that demand will accelerate in the US, the world's second-biggest consumer of industrial metals, helped aluminium futures to trade higher.
Besides, stockpiles monitored by the LME which are at the lowest since September 2012, also supported the upside, they said.
At the London Metal Exchange, aluminium for delivery in three months gained one% to USD 2,039 per tonne.
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