MCX aluminium futures up on tightening global supply, firm demand growth
This story was originally published at 11:07 IST on 12 February 2026
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MUMBAI – The February futures contract of aluminium on the Multi Commodities Exchange of India opened at INR 313.75 per kilogram Thursday, down from INR 313.85 Wednesday, but later rose 0.24% to INR 314.60 per kg.
The market for aluminium was supported by tightening global supply and improving demand signals, Kedia Advisory said in a note. Sentiment was boosted after Goldman Sachs raised its price forecast for the first half of 2026 to $3,150 per tonne from $2,575 earlier, citing low global inventories, concerns over power availability for new Indonesian smelters, and firm demand growth. Production disruptions in Iceland, Mozambique, and Australia have further tightened near-term supply, it said.
Moreover, macro data from China, a big consumer of the metal, offered support. The country's manufacturing PMI rose to 50.3 in January, its fastest expansion in three months, helped by stronger output and new orders.
However, rising inventories of the metal may cap the upside, it said. Shanghai Futures Exchange recently reported a 13.3% rise in inventories, while stocks at major Japanese ports rose 1.5%. End
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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