Aluminium sheds 0.55% on global cues

Weak trend in base metals at LME after European Commission cut growth forecasts for the euro area

Aluminium futures fell 0.55 per cent to Rs 126.40 per kg today as speculators reduced positions amid a weak trend in base metals at the London Metal Exchange.

At the Multi Commodity Exchange, aluminium for delivery in December lost 70 paise, or 0.55 per cent, to Rs 126.40 per kg, with a business turnover of just one lot.

The November contract shed 65 paise, or 0.47 per cent, to trade at Rs 126.30 per kg in a turnover of 224 lots.

Marketmen said a weak trend in the base metals pack at the London Metal Exchange after the European Commission cut growth forecasts for the euro area, dampening the demand outlook for industrial metals, mainly put pressure on aluminium prices at futures trade here.