Aluminium futures surge on fresh bets
Premium- The aluminum contracts for June delivery also rose by ₹2.25 or 0.96 percent to ₹237.35 per kg in a business turnover of 2,717 lots on the Multi Commodity Exchange.
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The prices of aluminium on June 8 surged by 0.96 per cent to ₹237.35 per kilogram in futures trade following the speculators built up fresh positions amid a positive trend in the spot market.
The aluminium contracts for June delivery also rose by ₹2.25 or 0.96 per cent to ₹237.35 per kg in a business turnover of 2,717 lots on the Multi Commodity Exchange.
Citing fresh positions created by traders amid demand from consumer industries, analysts said it supported aluminium prices in the futures market.
Earlier in May, Aluminium prices on London Metal Exchange (LME) fell by 29% from the high (in CY22) of $3,877.5 per tonne seen on 4 March.
"We believe high input cost inflation, especially thermal coal, will prevent further decline in LME (aluminium)," said analysts at Motilal Oswal in a report dated 11 May.
Despite the increase in prices of aluminium, the stocks of Hindalco Industries Ltd are currently down 0.65 per cent or ₹1.30 at ₹404.80 on Wednesday.
With inputs from PTI
