Aluminium futures weaken on global cues after yuan devaluation

NEW DELHI: Aluminium prices fell 0.25 per cent to Rs 101.60 per kg in futures trade today, largely dragged down by a weak trend overseas after China devalued its currency amid subdued demand in the domestic spot market.

At Multi Commodity Exchange, aluminium for delivery this month eased 25 paise, or 0.25 per cent, to Rs 101.60 per kg in a business turnover of 341 lots.

On similar lines, the metal for delivery in September contracts traded lower by 20 paise, or 0.19 per cent, to Rs 103.30 per kg in 7 lots.

Marketmen said the weakness in aluminium in futures trade is mostly in line with a falling trend in the base metals pack at the London Metal Exchange (LME) after China announcing a sharply lower value for its yuan currency, which could boost exports and the overall economy.

Globally, aluminum was trading lower by 1 per cent to USD 1,599.50 per tonne.