Aluminium down 0.1% on global cues

December contract declined by 0.2%

Taking weak cues from global markets, aluminium prices fell to Rs 108.05 per kg in futures trading today as speculators offloaded their positions.

Further, sluggish demand in the domestic spot markets also weighed on the metal prices.

At the Multi Commodity Exchange, aluminium for December contract declined by 30 paise, or 0.28%, to Rs 108.05 per kg in business turnover of 72 lots.

Similarly, the metal for delivery in January next year traded lower by 30 paise, or 0.27%, to Rs 109.60 per kg in one lot.

Globally, aluminium for delivery in three months on the London Metal Exchange (LME) lost 0.5% to $1,747 per tonne.

Market analysts said the weakness in aluminium at futures trade was mostly in tandem with an overseas downtrend after stockpiles climbed.

Meanwhile, inventories tracked by the LME rose 1.4% as of November 29, the most since October 17, to 5.47 million tonnes.

The stockpiles tracked by the Shanghai Futures Exchange were 2.1% higher at 196,885 tonnes last week, exchange data showed.