Aluminium falls by 0.2% on global cues

Aluminium prices eased by 0.16% to Rs 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 Rs 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 Rs 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel