Aluminium futures drop 1.59% on spot demand, global cues

Aluminium futures traded lower by 1.59 per cent to Rs 114.40 per kg today amid a weak trend at spot market on subdued demand from consuming industries.

Also, lower trend in base metals at the London Metal Exchange fuelled the downtrend.

At the Multi Commodity Exchange, aluminium for delivery in June was trading lower by Rs 1.85, or 1.59 per cent, at Rs 114.40 per kg in a business turnover of 548 lots.

Similarly, the metal for delivery in May edged down by Rs 1.70, or 1.49 per cent, to Rs 112.65 per kg in 4,894 lots.

Analysts said apart from a weak trend at spot market on sluggish demand, a weak trend at the London Metal Exchange mainly influenced aluminium prices at futures trade.