Market and product

Indian Aluminium futures down on profit

04:08 PM @ Tuesday - 28 September, 2010
PTI reported that Aluminium prices weakened by INR 1 to INR 102.80 per kilogram at the futures trade on Monday as speculators indulged in booking profits supported by a weak demand in the spot market. Weak trend at the London Metal Exchange also influenced the t rading sentiment.

At the Multi Commodity Exchange platform, September contract fell by INR 1 or 0.96% to INR 102.80 per kilogram with an open interest of one lot. Similarly, October contract traded lower by INR 0.90 or 0.86% to INR 103.80 per kilogram with a business volume of 5 lots.

Marketmen said that the weakness in aluminium futures was mostly due to profit-taking by speculators at the prevailing levels and subdued demand for the metal at the spot markets. At the London Metal Exchange counter, aluminium dropped 0.6% to USD 2,303.50 per tonne.

(Sourced from Press Trust of India)
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