Aluminium prices in India kept falling for the second consecutive day with the contract closing at INR 117.35 per kg in futures on Wednesday, down 0.17 per cent from the previous day. The traders in the domestic market engaged themselves in reducing their positions as demand shrank in the spot market.
At Mumbai's Multi Commodity Exchange, price of aluminium for December delivery declined by 0.17 per cent to stand at INR 117.35 per kg in business turnover of 153 lots.
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Likewise, aluminium for January 2017 delivery was down by 0.13 per cent to stand at INR 117 per kg in business turnover of 17 lots.
Analysts keeping an eye on commodity trading in India market said, trimming of positions by participants due to subdued demand from the end user sectors at the domestic spot markets was mainly responsible for keeping aluminium prices under pressure on futures trade.
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Aluminium traded at London Metal Exchange (LME) is expected to be trading at the US$ US$1,715-1,735 per tonne range on Wednesday. The benchmark price of aluminium on Shanghai Metal Exchange (SME) was estimated at US$1,861 per tonne on Wednesday.
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