Aluminium futures down 0.38% on global cues

Tracking weak trend overseas on slowing purchases, aluminium futures prices fell by 0.38 per cent, to Rs 105.10 per kg today.

Off-loading of pending positions by speculators ahead of monthly settlement and sluggish demand at the spot markets also put pressure on the aluminium futures prices.

At the Multi Commodity Exchange counter, aluminium for December delivery fell by 40 paisa, or 0.38 per cent, to Rs 105.10 per kg, with an open interest of just one lot.

The metal for delivery in current month October also shed 30 paise, or 0.29 per cent to Rs 102.55 per kg, with a trade volume of three lots.

Marketmen said the weakness in aluminium futures was mostly attributed to weak trend in base metals at the London Metal Exchange (LME), as recent surge in metal prices slowed down purchases.

Meanwhile, aluminium prices fell by 0.6 per cent at the LME.