Profit-booking pulls aluminium futures down

New Delhi | Updated on May 12, 2011 Published on May 12, 2011

Aluminium prices moved down by 0.26 per cent to Rs 115.60 per kg at the futures trading today as speculators booked profits amid a weak trend overseas.

At the Multi Commodity Exchange, aluminium for delivery in May shed 30 paise or 0.26 per cent to Rs 115.60 per kg with a trade volume of 119 lots. Similarly, June contract also traded lower by 25 paise or 0.22 per cent to Rs 115.80 per kg with a turnover of 11 lots.

Analysts said besides profit-booking by speculators after Wednesday’s gain, a weak trend in the entire base metals at the London Metal Exchange on concerns that China may continue monetary tightening after inflation spread beyond food, dampened the demand outlook for metals. This in turn led to the downtrend in aluminium futures here.

Meanwhile, at the LME, aluminium fell by one per cent to $2,586 a tonne.

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Published on May 12, 2011
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