Aluminium futures up

NEW DELHI: Aluminium futures traded 0.85 per cent higher at the Multi Commodity Exchange on Thursday as speculators enlarged positions on firm global cues. Strong trend in the spot markets on pick up in demand from consuming industries also influenced the price rise. At the MCX counter, aluminium for delivery in February traded higher by Rs 0.90, or 0.85 per cent, to Rs 107 a kg in an open interest of 32 lots. Aluminium for December and January contracts also moved up by Rs 0.40 or 0.38 per cent each to Rs 104.65 and Rs 105.35 a kg with an open interest of 1,649 and 434 lots respectively. At the LME, aluminium gained 0.44 per cent to $2,266 a tonne, while in Shanghai it surged by 0.37 per cent to 16,365 yuan a tonne. Analysts said besides the firming trend in the global market on weak dollar, expectations of pick up in demand on signs of recovery in economies also attributed to rise in aluminium future prices. — PTI