Aluminium futures down 0.19 per cent on global cues

NEW DELHI: Taking weak cues from global markets, aluminium prices fell to Rs 108.05 per kg in futures trading today as speculators offloaded their positions.

Further, sluggish demand in the domestic spot markets also weighed on the metal prices.

At the Multi Commodity Exchange, aluminium for delivery in December declined by 30 paise, or 0.28 per cent, to Rs 108.05 per kg in business turnover of 72 lots.

Similarly, the metal for delivery in January next year traded lower by 30 paise, or 0.27 per cent, to Rs 109.60 per kg in one lot.

Globally, aluminium for delivery in three months on the London Metal Exchange (LME) lost 0.5 per cent to USD 1,747 per tonne.

Market analysts said the weakness in aluminium at futures trade was mostly in tandem with an overseas downtrend after stockpiles climbed.

Meanwhile, inventories tracked by the LME rose 1.4 per cent as of November 29, the most since October 17, to 5.47 million tonnes.

The stockpiles tracked by the Shanghai Futures Exchange were 2.1 per cent higher at 196,885 tonnes last week, exchange data showed.