New Delhi, February 17: Aluminium prices decline in futures trade on Tuesday as traders cut positions amid subdued domestic demand. However, firm global trends help limit the downside.
February, March Aluminium Contracts Slip on MCX
On the Multi Commodity Exchange, aluminium for February delivery falls by 75 paise, or 0.24 per cent, to Rs 306.95 per kilogram. The contract records a trading volume of 2,681 lots.The March contract also moves lower, slipping by 35 paise, or 0.11 per cent, to Rs 311.70 per kilogram, with a trading volume of 1,952 lots.
Analysts say weak demand from consuming industries weighs on aluminium prices in the domestic market, prompting traders to reduce their exposure.
Global Aluminium Prices Rise on LME
In the overseas market, aluminium trades higher on the London Metal Exchange. Prices rise by USD 11.75, or 0.39 per cent, to USD 3,057.05 per tonne.Analysts note that gains in international markets help restrict sharper losses in domestic aluminium futures, even as local demand remains subdued.
Market participants continue to track both domestic consumption trends and global price movements for further cues on aluminium prices.
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