 "Aluminium down on overseas trend")
Aluminium futures prices fell 0.27% to Rs 110.40 per kg today as speculators reduced positions amid a weak trend in base metals at the London Metal Exchange.
At Multi Commodity Exchange, aluminium for delivery in June contracts lost 70 paise, or 0.27%, to Rs 110.40 per kg, with a business turnover of 324 lots.
The metal for delivery in July also shed 20 paise, or 0.18%, to trade at Rs 111.95 per kg in a turnover of 8 lots.
Marketmen said a weak trend in the base metal pack at the London Metal Exchange after IMF said yesterday US economy would grow at 2.5% this year, down from an earlier forecast of 3.1%. This added to concerns that global demand for industrial metals will weaken, mainly putting pressure on aluminum prices.
Meanwhile, the Organization for Economic Cooperation and Development trimmed its forecast for world economic growth this year to 3.1% from 3.7%.
At Multi Commodity Exchange, aluminium for delivery in June contracts lost 70 paise, or 0.27%, to Rs 110.40 per kg, with a business turnover of 324 lots.
The metal for delivery in July also shed 20 paise, or 0.18%, to trade at Rs 111.95 per kg in a turnover of 8 lots.
ALSO READ: Aluminium up 0.6% on spot demand
Marketmen said a weak trend in the base metal pack at the London Metal Exchange after IMF said yesterday US economy would grow at 2.5% this year, down from an earlier forecast of 3.1%. This added to concerns that global demand for industrial metals will weaken, mainly putting pressure on aluminum prices.
Meanwhile, the Organization for Economic Cooperation and Development trimmed its forecast for world economic growth this year to 3.1% from 3.7%.
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