Aluminium weakens by 0.2% on global cues
Traders pare positions as subdued demand at home fuels negative sentiment
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Aluminium prices fell by 0.23 per cent to Rs 109.55 per kg in futures trading today as speculators reduced their positions amid weak global cues.
Further, subdued demand in the domestic spot markets also weighed on the metal prices.
At the Multi Commodity Exchange, aluminium for delivery in May eased by 25 paise, or 0.23 per cent, to Rs 109.55 per kg in business turnover of nine lots.
April aluminium traded lower by 15 paise, or 0.14 per cent, to Rs 108.25 per kg in 367 lots.
Market analysts said the weakness in aluminium at futures trade was mostly in tune with a downtrend in base metals at the London Metal Exchange (LME).
At the LME, aluminum lost 0.2 per cent, snapping a five-day gain, the longest winning streak since September 2012.
Further, subdued demand in the domestic spot markets also weighed on the metal prices.
At the Multi Commodity Exchange, aluminium for delivery in May eased by 25 paise, or 0.23 per cent, to Rs 109.55 per kg in business turnover of nine lots.
April aluminium traded lower by 15 paise, or 0.14 per cent, to Rs 108.25 per kg in 367 lots.
Market analysts said the weakness in aluminium at futures trade was mostly in tune with a downtrend in base metals at the London Metal Exchange (LME).
At the LME, aluminum lost 0.2 per cent, snapping a five-day gain, the longest winning streak since September 2012.
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First Published: May 23 2014 | 11:28 AM IST