Aluminium hit fresh peak of Rs 294.4/kg in futures trade

New Delhi, Dec 26 (PTI) Aluminium prices jumped 3 per cent to hit a new lifetime high of Rs 294.90 per kg in the futures trade on Friday as speculators built up fresh positions amid a positive trend in the spot market.

On the Multi Commodity Exchange (MCX), the December contract of aluminium increased by Rs 8.8, or 3.07 per cent, to hit a record of Rs 294.90 per kg.

The January contract also appreciated by Rs 9.05, or 3.14 per cent, to scale a fresh peak of Rs 297.20 per kg.

Analysts said fresh buying by participants, driven by strong demand in the physical market and positive cues from overseas markets, mainly led to the sharp rise in aluminium prices.

They added that firm global trends, supported by concerns over supply constraints and improved demand outlook from key consuming sectors, further boosted market sentiment. PTI HG MR