Aluminium futures traded on India's Multi Commodity Exchange edged higher at INR 119 per kilogram today, up 0.29 per cent from the previous close. The uptick in demand at the spot market was caused by speculators creating fresh positions.
Aluminium for delivery in November inched higher by 0.29 per cent (35 paise) to INR 119 per kg on MCX, in a business turnover of 920 lots.
MCX aluminium price for delivery in December stood higher at INR119 per kg, up 0.29 per cent (25 paise), in a business turnover of 443 lots.
Fresh position built up by the market participants, driven by increase in demand from the end user industries in the spot market, mainly led to rise in aluminium prices at futures trade.
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On LME, aluminium closed at US$1,766.5/tonne after Monday's night trading. On SME, the contract closed at US$2,121/tonnes on Monday, November 28, only to open at US$2,077/tonne on Tuesday, November 29. The light metal used in appliances to aircrafts is being currently weighed on by a rising US dollar on speculations that US Fed rates might be hiked at the end of the higher. Money supply tightened in China as well puting downward pressure on contracts traded on SHFE.
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