Aluminium weakens on global cues

Aluminium prices edged lower by 0.42% to Rs 107.85 per kg in the futures market after speculators reduced positions taking weak cues from overseas markets amid sluggish spot demand.

At the Multi Commodity Exchange, aluminium for delivery in February shed 55 paise, or 0.42%, to Rs 107.85 per kg, with a business volume of 524 lots.

March aluminium moved down by 60 paise, or 0.36%, to Rs 109.30 per kg, in a turnover of 68 lots.

Aluminium was trading flat at $2,210 per tonne on the London Metal Exchange (LME) in early trade today.

Market analysts said weak trend in base metals on the LME along with subdued spot demand, weighed down aluminium prices at futures trade.