Aluminium futures gain 0.26% on firm spot demand

Aluminum prices edged 0.26 percent higher to Rs 151.45 per kg in futures trade today as speculators built up fresh positions amid an uptick in demand from consuming industries at domestic spot market.

However, a weak trend overseas capped the rise.

At the Multi Commodity Exchange, aluminum for delivery in August edged higher by 40 paise, or 0.26 percent, to Rs 151.45 per kg in business turnover of 150 lots.

Similarly, the metal for delivery in September was up by 30 paise, or 0.20 percent, to Rs 152.55 per kg in 60 lots.

Analysts said fresh positions created by participants, tracking a firm trend at the spot market on rising demand from consuming industries, boosted aluminum prices at futures trade here.

Globally, aluminum prices fell for the first time in six sessions in early Asian trade today, after US President Donald Trump allowed relief on aluminum import quotas from Argentina.

Trump, who put in place tariffs on steel and aluminum imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminum from Argentina, the US Commerce Department said in a statement on Wednesday.

At the London Metal Exchange, aluminum for delivery in three months fell 0.7 percent to USD 2,157 a tonne, after jumping 1.8 percent in the previous session. It hit a two-month high of USD 2,178 and has climbed for five straight days on rising input costs for smelters.

Also, the most-traded October aluminum contract on the Shanghai Futures Exchange fell 0.2 percent to 14,930 yuan (USD 2,187.55) a tonne.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)