MCX aluminium gains 1.34% driven by spot market demand spike
Aluminium traded at India’s Multi Commodity Exchange gained by 1.34 per cent on Monday, January 29, as demand picked up in the spot market and speculators built up fresh positions amid positive cues in the international market.
MCX aluminium reached INR 143.50 per kg in futures.
Price of aluminium for delivery in January edged higher by INR 1.90, or 1.34 per cent, to INR 143.50 per kg, in a business turnover of 479 lots on MCX.
The light metal for delivery in February gained by INR 1.80, or 1.27 per cent, to INR 143.50 per kg in 410 lots.
Market watchers were of the opinion that due to pick up in demand from end user industries in the spot market participants created fresh positions. Rising strength in other base metal markets overseas also influenced aluminium price movements at futures trade.
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