Aluminium down 0.3% on weak global cues, low spot demand

Tracking a weak trend in the base metals pack at the London Metal Exchange (LME) and low demand at spot market, aluminium prices eased by 0.33 per cent to Rs 105.55 per kg in futures trade today as speculators reduced positions.

In futures trading at the Multi Commodity Exchange, aluminium for delivery in July traded lower by 35 paise, or 0.33 per cent, to Rs 105.55 per kg in a business turnover of 371 lots.

The metal for delivery in August also fell by a similar margin to trade at Rs 107.15 per kg in 13 lots.

According to market analysts, weakness in copper and other base metals at the LME in tune with a broader selloff in raw materials as a stronger dollar reduced demand for the commodities as alternative assets, weighed on aluminium futures here.

Besides, slackened demand at domestic spot markets from consuming industries too weighed on prices, they said.