MCX aluminium falls by 0.2% on global cues

Aluminium prices eased by 0.16% to INR 96.50 per kg in futures trade today as participants reduced their positions amid weak global cues. Besides, subdued demand in the domestic spot markets weighed on aluminium prices.

At the Multi Commodity Exchange, aluminium for delivery in November month weakened by 15 paise, or 0.16% to INR 96.50 per kg in business turnover of 324 lots.

Likewise, the metal for delivery in December contract was trading lower by a similar margin to INR 98.10 per kg in 21 lots.

Marketmen said the weakness in aluminium at futures trade was mostly in tune with a weak trend in global markets.

Globally, aluminium for delivery in three month fell 0.3% at the London Metal Exchange, while in Shanghai Futures Exchange it slumped to its lowest since at least 2004.

Meanwhile, government is considering raising import duty on aluminium products by as much as 5%,among other policy measures, to tackle the unabated import of cheap products that is adversely impacting the sector.

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