Aluminium down by 0.7% on Asian cues

A weakening trend in base metals overseas influenced aluminium prices

Aluminium futures today fell by 0.74% to Rs 106.60 per kg largely in tandem with a weakening trend in base metals overseas after China's manufacturing activity weakened further in July amid low demand at domestic spot markets.

 

At the Multi Commodity Exchange, aluminium prices for delivery in July traded 80 paise, or 0.74%, lower at Rs 106.60 per kg in a business turnover of 386 lots.

 

Similarly, the metal prices for delivery in August traded 70 paise, or 0.64% down at Rs 108.35 per kg in two lots.

 

Globally, aluminium dropped 0.8% to $1,830.75 per tonne.

 

Market analysts said apart from subdued spot demand, weakness in base metals at the London Metal Exchange on demand concerns after China's manufacturing weakened further in July, mainly hit aluminium prices at futures trade.