Aluminium prices edged higher by 0.50 per cent to Rs 159.85 per kg in futures trading today as speculators built up fresh positions after the metal soared to six-and-a-half-year peak in global market amid uptick in demand from consuming industries at the spot markets.
At the Multi Commodity Exchange, aluminium for delivery in May rose by 80 paise, or 0.50 per cent, to Rs 159.85 per kg in a business turnover of 62 lots.
Similarly, the metal for delivery in April traded higher by 75 paise, or 0.47 per cent, to Rs 159.90 per kg in 436 lots.
Analysts said, building up of fresh positions by speculators, tracking a firm trend at the London Metal Exchange (LME), where aluminium climbed to a six-and-a-half-year high as growing worries over tighter supply following US sanctions on key producer Rusal sustained a rally, mainly influenced the metal's prices at futures trade here.
At the LME, three-month aluminium climbed as high as US 2,445 per tonne in early Asian deals, its strongest since September 2011.
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