Aluminium up by 0.5% on spot demand

Aluminium prices edged up 0.49% to Rs 101.60 per kg in futures trade today as participants enlarged positions, supported by strong demand in the spot markets and a better trend in the base metals pack at the London Metal Exchange (LME).

Aluminium for delivery in January inched up 50 paise, or 0.49%, to Rs 101.60 per kg in a business turnover of 152 lots in futures trade at Multi Commodity Exchange.

Likewise, the metal for delivery in February traded higher 40 paise, or 0.39%, to Rs 102 per kg in 10 lots.

Marketmen said increased domestic demand and metals strength at the LME after data showed China's economy expanding at 6.9% last year, close to the target set by the country's leadership, helped aluminium futures trade higher.

Globally, aluminium was up 0.5% at the LME.

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