Aluminium Prices Recover With Improved Markets Performance

11. February. 2010

Aluminium prices have gained in the domestic futures markets on account of positive sentiments from the equity bourses. The trend is still in favor of bears; however the prices have improved as traders are looking for some buying opportunities.

MCX Aluminium is trading at Rs 94.25 per kg up 0.69%. The prices can test Rs 95 per kg if momentum continues.

In a important news, Alcoa said will continue discussing ways to resolve energy costs at its aluminum smelters in Italy and will not curtail its two plants there on Feb. 6 as previously announced, a spokesman said on Friday.

"We are continuing to analyze and continuing to talk. We're hopeful that the Italian government and the European Commission can help us resolve this situation. And we'll take it from there," Kevin Lowery, spokesman for the U.S. aluminum giant.

Earlier in November, Alcoa said it would temporarily idle operations at its 194,000-tonne-per-year smelters after the European Commission ordered it to pay back most of the state aid it received in Italy since 2006.
[Bloomberg]