Aluminium Update's

Hopes have been very futile for bearish sentiments in November. Aluminium has seen sharp recovery on Monday on account of hopes that Greece will be able to avoid bankruptcy and things will move on industrial front in China.

LME three month forward Aluminium prices were driven by these hopes and were up by almost 2 percent in Asian trades. The prices were at $ 1983 per tonne, compared to $ 1948 per tonne.

The rise has been at a time when Aluminium inventories are at all time highs in London Metal Exchange. The total inventories now rule at 5177425 tonnes, up 4% since the beginning of this year.

Indian MCX Aluminium has gained on fact that Rupee now is dragged near 56 against the Dollar. The benchmark Aluminium contract was trading at Rs 110.3 per kg, up 0.8%.