Aluminium futures rise on global cues, spot demand

Apart from increased domestic demand vehicle sales and construction spending beat estimates in the US

Aluminium prices edged up by 0.61% to Rs 122.95 per kg in futures trade today as participants enlarged positions amid a firming trend overseas.

Besides, strong demand in spot markets influenced metal prices.

At the Multi Commodity Exchange, aluminium for delivery in January 2015 inched up by 75 paise, or 0.61%, to Rs 122.95 per kg in a business turnover of 29 lots.

Likewise, the metal for delivery in December traded higher by 60 paise, or 0.49%, to Rs 122.60 per kg in 9 lots.

Marketmen said apart from increased domestic demand, a firming global trend as vehicle sales and construction spending beat estimates in the US, boosting demand prospects in the second-largest base metals consumer, helped aluminium futures to trade higher.

 

Globally, aluminium for delivery in three months advanced 0.3% to $1,983.25 a metric tonne on the London Metal Exchange.