Aluminium sheds by 0.4% on global cues

Aluminium prices traded marginally down by 0.39% to INR114.90 per kg in futures trading today as speculators reduced exposure amid a weak trend overseas and sluggish demand from consuming industries in the spot market.

At the Multi Commodity Exchange, aluminium for delivery in February shed 45 paise, or 0.39% to INR 114.90 per kg in business turnover of 131 lots.

Analysts said off-loading of positions by speculators, tracking a weak trend at the London Metal Exchange (LME) after data showed China's factory activity unexpectedly contracted impacted the demand.

It fuelled speculation that demand may weaken in the world's biggest metals user, bringing down aluminium prices at futures trade.

Further, low demand in the spot markets from consuming industries put pressure on metal prices, they said.

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