Aluminium up by 0.1% on rising demand

Aluminium prices were up by 0.10% to Rs 98.85 per kg in futures trade as traders enlarged positions, driven by pick up in demand at the spot market amid firm Asian cues.

At the Multi Commodity Exchange, aluminium for delivery in March moved up by 10 paise, or 0.10%, to Rs 98.85 per kg, in a business turnover of 56 lots.

Likewise, the metal for delivery in April edged up by five paise, or 0.05%, to Rs 100.10 per kg in 16 lots.

Analysts said increasing of positions by participants due to pick up in demand from consuming industries at domestic spot markets and a firm trend in Asian trade mainly led to the rise in aluminium prices at futures trade.

At Shanghai Futures Exchange, aluminum gained 1.1% to trade at six month highs of 11,870 yuan ($1,818) a tonne after a report that industrial profits advanced in China, ending a seven-month losing streak.

The London Metal Exchange was closed for a public holiday.

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