Aluminium futures recover

NEW DELHI: Aluminium futures traded up to 0.1 per cent higher at the Multi Commodity Exchange on Wednesday as traders covered up their positions on the back of firming cues from Asian market after the metal’s stocks declined sharply at the London Metal E xchange. At the MCX counter, aluminium for delivery in January traded higher by Rs 0.10, or 0.10 per cent, to Rs 104.60 per kg in an open interest of 410 lots, while delivery in December contract moved up by Rs 0.05 or 0.05 per cent to Rs 103.75 per kg with an op en interest of 1,459 lots. Analysts said covering up of short positions by speculators, driven by firming trend in Asian trade after the aluminium stocks at the LME’s warehouses fell by 3,525 tonnes to 4.6 million tonnes influenced aluminium prices at futures market here. Meanwhile, Shanghai’s aluminium traded 30 yuan, or 0.18 per cent higher at 16,305 yuan per tonne in the morning trade on Wednesday. — PTI