Muted demand drags down aluminium futures 0.40%

Aluminium prices declined by 0.40 per cent to Rs 123.45 per kg in futures trading today as speculators cut down bets, driven by sluggish demand at the spot market.

At the Multi Commodity Exchange, aluminium for delivery in July month fell by 50 paise, or 0.40 per cent, to Rs 123.45 per kg in business turnover of 1,454 lots.

Likewise, the metal for delivery in June contracts shed 5 paise, or 0.04 per cent, to Rs 123.55 per kg in 1,463 lots.

Analysts said offloading of positions by participants owing to muted demand from consuming industries in the spot market mainly weighed on aluminium prices at futures trade.