Aluminium futures weaken on overseas cues, shed 0.10 pc

Aluminium prices were down 0.10 per cent to Rs 100.70 per kg in futures trade today as investors cut down their bets amid weak Asian cues and sluggish demand in the domestic spot market.
In futures trading at the Multi Commodity Exchange, aluminium for delivery in the current month eased by 10 paise, or 0.10 per cent, to Rs 100.70 per kg in a business turnover of 115 lots.
The metal for delivery in January next year contract was trading flat at Rs 101.75 per kg in seven lots.
Marketmen said the weakness in aluminium in futures trade was mostly in line with a weak trend at the Shanghai Futures Exchange after data from China showed industrial profits declined again, underscoring a manufacturing slowdown in the biggest metal consumer.

Aluminum in Shanghai slumped as much as 2.6 per cent, erasing the 2.1 per cent advance last week.
Meanwhile, the London Metal Exchange (LME) is closed today for a public holiday.