Aluminium futures up on firm global cues

NEW DELHI: Supported by a firming trend overseas and domestic demand, aluminium futures prices on Friday recovered by 1.37 per cent to Rs 99.70 per kg as speculators created positions.

At the Multi Commodity Exchange, aluminium for delivery in June edged higher by Rs 1.35, or 1.37 per cent, to Rs 99.70 per kg in business turnover of 83 lots.

Similarly, the metal for delivery in May traded higher by Rs 1.30, or 1.34 per cent, to Rs 98.60 per kg in 1,012 lots.

Market analysts said reports of a firming trend in copper and other base metals at the LME after the European Central Bank reduced interest rates to a record and US filings for unemployment benefit fell to a five-year low, boosting the outlook for demand, helped aluminium prices to rise at futures trade here.