Aluminium Futures See Uptick on Strong Global Market Sentiment
Aluminium Prices Surge Amid Improved Sentiment in Overseas Markets
Aluminium prices rose Rs 1.15 to Rs 387.10 per kilogram in futures trade on Monday, tracking gains in overseas markets amid improved sentiment in base metals.
On the Multi Commodity Exchange (MCX), the most-traded May contract rose by Rs 1.15, or 0.3 per cent, to Rs 387.10 per kg in a business turnover of 1,712 lots. The June delivery also advanced by 70 paise, or 0.18 per cent, to Rs 384.25 per kg in 3,140 lots.
Market analysts attributed the firm rise in aluminium prices to firm global trends and improved risk appetite in industrial metals. Analysts pointed out that global Aluminium futures on the London Metal Exchange (LME) went up by USD 12.85, or 0.35 per cent, to USD 3,650.90 per tonne.
Market participants noted that easing geopolitical concerns and a softer US dollar improved sentiment across commodity markets. Additionally, expectations of stable industrial demand aided gains in aluminium prices in the overseas trade.
Investor Takeaway
Investors should monitor global market trends and risk appetite for potential gains in aluminium prices.
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