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This is an archive article published on November 18, 2009

Aluminium remains up on global cues

Aluminium continued to trade in the positive zone in futures trading at the MCX.

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Aluminium continued to trade in the positive zone in futures trading at the Multi Commodity Exchange on Wednesday tracking firming global markets and good demand for the metal in the spot market.

At the MCX platform,aluminium for delivery in December contract strengthened 0.11 per cent to Rs 94.15 per kg with a business turnover of 6 lots.

The metal for delivery in current month contract also traded a shade higher by 0.05 per cent to Rs 93.30 per kg in a turnover of 37 lots.

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Meanwhile at the LME,aluminium rose 0.20 per cent to $2,040 per tonne in the previous session,while Shanghai’s aluminium was up 0.52 per cent to 15,465 yuan per tonne in early trade on Wednesday.

Analysts said fresh positions created by speculators following firming global market amid a weakening US dollar and expectations that demand for metals may pick up in Europe and the US influenced aluminium prices at the domestic futures market here.

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