Aluminium futures extend gain, up 1% on rising demand

Aluminium prices advanced by 1 per cent to Rs 110.80 per kg in futures market today as participants enlarged positions, driven by rising demand from consuming industries in the spot market.

At the Multi Commodity Exchange, aluminium for delivery in September month gained Rs 1.10, or 1 per cent to Rs 110.80 per kg in business turnover of 3263 lots.

On similar lines, the metal for delivery in October contracts was also trading higher by 90 paise, or 0.82 per cent to Rs 111.25 per kg in 1993 lots.

Analysts said widening of positions by traders on the back of rising demand from consuming industries in the spot market and a firm global trend, mainly kept aluminium prices higher at futures trade.