Aluminium futures soften 0.16% on global cues

NEW DELHI: Aluminium prices eased by 0.16 per cent to Rs 96.50 per kg in futures trade today as participants reduced their positions amid weak global cues.

Besides, subdued demand in the domestic spot markets weighed on aluminium prices.

At the Multi Commodity Exchange, aluminium for delivery in November month weakened by 15 paise, or 0.16 per cent to Rs 96.50 per kg in business turnover of 324 lots.

Likewise, the metal for delivery in December contract was trading lower by a similar margin to Rs 98.10 per kg in 21 lots.

Marketmen said the weakness in aluminium at futures trade was mostly in tune with a weak trend in global markets.

Globally, aluminium for delivery in three month fell 0.3 per cent at the London Metal Exchange, while in Shanghai Futures Exchange it slumped to its lowest since at least 2004.

Meanwhile, government is considering raising import duty on aluminium products by as much as 5 per cent,among other policy measures, to tackle the unabated import of cheap products that is adversely impacting the sector.