Aluminium futures slide 0.50% on weak global cues

Aluminium prices edged lower by 0.50 per cent to Rs 148.70 per kg in futures trade today as speculators reduced bets following by a weak trend overseas.

At the Multi Commodity Exchange, aluminium for delivery in April month declined by 75 paise, or 0.50 per cent, to Rs 148.70 per kg in business turnover of 142 lots.

Likewise, the metal for delivery in May was trading lower by a similar margin at Rs 149.20 per kg in 27 lots.

Analysts attributed the fall in aluminium futures to a weak trend overseas where the metal fell 1.3 per cent as the deadline extension to comply with US sanctions on Rusal, one of the world's biggest aluminium producers, pulled down prices.

The metal is down by over 18 per cent from the seven-year high of USD 2,718 it hit on April 19 in the wake of the sanctions, which left the market fearing a supply shortage.

Meanwhile, aluminium for delivery in three-month was down 1.3 per cent at USD 2,217 a tonne a metric tonne on the London Metal Exchange.