Aluminium up 0.7% on overseas trend

Aluminium for delivery in August traded higher by 0.71%

Aluminium prices edged up by 0.74% to Rs 122.85 per kg in futures trade today as participants engaged in enlarging positions, supported by a firming overseas trend.

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

At the Multi Commodity Exchange, aluminium for delivery in September up by 90 paise, or 0.74%, to Rs 122.85 per kg in business turnover of 45 lots.

Likewise, aluminium for delivery in August traded higher by 85 paise, or 0.71%, to Rs 121.30 per kg in 297 lots.

Marketmen said apart from increased domestic demand, a firming trend in base metals overseas as manufacturing index in China increased in August from an 11-month low, adding to signs the world's second-biggest economy is stabilizing, supported the upside in aluminum prices at futures trade.
 

In the international market, aluminium gained 0.6% at the London Metal Exchange.