Aluminium futures keep head above water

Aluminium futures were trading higher during morning trade in the domestic market on Wednesday as investors and speculators build up fresh bets in the industrial metal amid increase in physical demand for aluminium at the domestic spot market.

 

Aluminium trading range for the day is 124.5-127.9.Aluminium prices gained on renewed concerns about potential closures of Chinese smelters to cut pollution.In a sign of growing public anger about pollution, hundreds of residents in a northeastern Chinese city protested against the building of an aluminium processing plant.If the proposed measures are applied this should impact a significant proportion of current China steel and aluminium output.

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At the MCX, aluminium futures for February 2017 contract is trading at Rs 126.60 per kg, up by 0.56 per cent, after opening at Rs 126.40, against a previous close of Rs 125.90. It touched the intra-day high of Rs 126.60

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