28 AUGUST 2014Alcircle
Global cues push aluminium down by 0.32%
Edited by : AL CIRCLE
1 min read
The futures for aluminium dropped to INR 125.35 per kg on Wednesday as the speculators reduced their expectations taking a cue from the global markets.
The domestic spot markets too have seen a dip in demand which in turn have affected the metal prices. In a business turnover of 1,392, the aluminium due for August delivery saw a slide of 0.32% or 40p and brings the number to INR125.35 per kg as seen on the Multi Commodity Exchange.
Even the metal for September suffered similar dip of 35p or 0.28% in 389 lots amounting to INR 125.30 per kg. After reaching an 18-month high yesterday, the global rates for aluminium saw little change at USD 2,082.75 at the London Metal Exchange.
According to the analysts, the dip in the future prices is caused by the weak domestic spot demand for the metal and the downtrend of base metals at the LME.
The domestic spot markets too have seen a dip in demand which in turn have affected the metal prices. In a business turnover of 1,392, the aluminium due for August delivery saw a slide of 0.32% or 40p and brings the number to INR125.35 per kg as seen on the Multi Commodity Exchange.
Even the metal for September suffered similar dip of 35p or 0.28% in 389 lots amounting to INR 125.30 per kg. After reaching an 18-month high yesterday, the global rates for aluminium saw little change at USD 2,082.75 at the London Metal Exchange.
According to the analysts, the dip in the future prices is caused by the weak domestic spot demand for the metal and the downtrend of base metals at the LME.
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