Aluminium futures slide 0.50% as demand wanes

Aluminium prices moved down by 0.50 per cent to Rs 138.90 per kg in futures market today as speculators reduced exposure amid tepid demand in the spot market along with weak global cues.
At the Multi Commodity Exchange, aluminium for delivery in December fell 70 paise, or 0.50 per cent, to Rs 138.90 per kg in a business turnover of 589 lots.
The metal for delivery in January contracts shed 60 paise, or 0.43 per cent, to Rs 139.35 per kg in 32 lots.
Analysts said offloading of positions by participants owing to slack demand from consuming industries and in the physical market and a weak trend overseas had a bearing on aluminium prices in futures trade.

Meanwhile, aluminium futures fell 1.6 per cent in Shanghai. However, major global markets remained closed for Christmas holidays.