Aluminium down by 0.5% on global cues

Aluminium prices fell 0.48% to Rs 103.70 per kg in futures trading today with speculators indulged in cutting down their positions, taking weak cues from global markets.

Moreover, subdued demand in the domestic spot markets also weighed on the metal prices.

At the Multi Commodity Exchange, aluminium for delivery in current month shed 50 paise, or 0.48%, to Rs 103.70 per kg, in a business turnover of 134 lots.

Metal for delivery in March fell 6 paise, or 0.38%, to Rs 104.30 per kg in six lots.

Analysts said the weakness in aluminium at futures trade was mostly in tandem with a downtrend in base metals at the London Metal Exchange (LME) on concern that supply gluts and waning demand in China will keep commodities under pressure.