Aluminium prices drifted lower by 0.38 per cent to Rs 155.75 per kg in futures market today as speculators cut their positions amid easing demand in the spot markets and a weak trend overseas.
At the Multi Commodity Exchange, aluminium for delivery in June month declined by 60 paise, or 0.38 per cent to Rs 155.75 per kg in business turnover of 199 lots.
The metal for delivery in July contract was trading lower by a similar margin to Rs 155.95 per kg in 4 lots.
Analysts said offloading of positions by traders owing to slackened demand from consuming industries in the physical market mainly weighed on aluminium prices at futures trade.
Besides, there was a weak trend in base metals overseas as investors await outcome of the US Federal Reserve's policy meeting.
At the Shanghai Futures Exchange, the most-traded August Aluminium contract was down 1.4 per cent at 14,675 yuan (USD 2,291) per tonne.