India’s MCX aluminium drops 0.08% amid sluggish spot market demand

<p>Aluminium futures traded on India&rsquo;s Multi Commodity Exchange eased by 0.08 per cent to INR 122.20 per kilogram on Friday, August 4. Market participants cut down their bets based on speculations amid weak demand in the spot market</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/MCXaluminium_Aug5.jpg" alt="News" width="517" height="371" /></p> <p>MCX aluminium for delivery in September 2017 fell by 10 paise or 0.08 per cent to INR 122.20 per kg, in a total business turnover of three lots.</p> <p>MCX aluminium for delivery in August followed the downtrend and dropped by 0.04 per cent to INR 121.50 per kg in business turnover of 126 lots.</p> <p style="text-align: center;"><a title="AlCircle Report" href="http://www.alcircle.com/exclusivereport/?m=exclusivereport" target="_blank"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/Report1banner.gif" alt="News" width="480" height="82" /></a></p> <p>According to market analysts, sluggish demand from the end user industries in the spot market led to offloading of positions by the participants dragging down aluminium prices at the futures trade on Friday, August 4.</p> <p>In the global market, LME aluminium is hovering at US$1,890 per tonne and is weighed upon by the confusion created by the news of aluminium capacity cuts in China and the rising aluminium stocks in domestic China market.&nbsp;</p>