Aluminium futures decline by 0.47% on global cues, weak demand

Aluminium prices moved down by 0.47 per cent to Rs 126.10 per kg in futures trading today as speculators trimmed positions, tracking a weak trend overseas, amid subdued demand in the spot market.
At the Multi Commodity Exchange, aluminium for delivery in February month traded lower by 60 paise, or 0.47 per cent, to Rs 126.10 per kg in business turnover of 1,995 lots.
On similar lines, the metal for delivery in March contracts edged down by 55 paise, or 0.43 per cent, to Rs 126.45 per kg in 235 lots.
Analysts said offloading of positions by participants, driven by a weak trend in global markets amid sluggish demand from consuming industries in the physical market, mainly attributed the fall in aluminium prices at futures trade.

Meanwhile, aluminum for delivery in three-month fell 0.4 per cent to USD 1,893 a metric tonne on the London Metal Exchange.