Aluminium futures up 0.59% on high demand, global cues
New Delhi: Aluminium futures edged higher by 0.59 per cent to Rs 110.70 per kg today as speculators enlarged positions amid pick-up in demand at spot markets.
Furthermore, a firming trend in base metals at the London Metal Exchange as the dollar weakened after the Federal Reserve indicated interest rates will rise at a slower pace than estimated.
At the Multi Commodity Exchange, aluminium for delivery in March increased by 65 paise, or 0.59 per cent, to Rs 110.70 per kg, with a business turnover of 207 lots.
The metal for delivery in April also gained 55 paise, or 0.50 per cent, to trade at Rs 111.60 per kg in a turnover of 29 lots.
Marketmen said apart from a firming trend in the metals overseas, rising demand at domestic spot markets influenced aluminium prices at futures trade here.