MCX aluminium futures slide 0.53% on muted demand, global cues
Aluminium prices moved down by 0.53 per cent to INR 140.80 per kg in futures trade today as speculators reduced exposure amid easing demand in the spot market.
Besides, a weak trend overseas weighed on prices.
At the Multi Commodity Exchange, aluminium for delivery in January edged down by 75 paise, or 0.53 per cent, to INR 140.80 per kg in a business turnover of 3,510 lots.
Likewise, the metal for delivery in February was trading lower by a similar margin to INR 140.85 per kg in 1,877 lots.
Analysts said offloading of positions by participants due to slackened demand from consuming industries in the physical market and weak trend overseas, led to a decline in aluminium prices at the futures trade.
Meanwhile, aluminium for delivery in three-month dropped USD 10 to USD 2,215 per tonne on the London Metal Exchange.
LME aluminium continues to fluctuate within a narrow range; to test support at US$2,200/t
Next articleLME aluminium remains fairly unchanged as global manufacturing registers growth
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