Aluminium futures shed 1.45% on global cues; low spot demand

NEW DELHI, Sept 1:  Aluminium prices were down 1.45 per cent to Rs 105.60 per kg in futures trading today after speculators trimmed positions amid a weak trend overseas and sluggish demand from consuming industries in the spot market.
At the Multi Commodity Exchange, aluminium for delivery in September shed Rs 1.55, or 1.45 per cent to Rs 105.60 per kg in business turnover of 597 lots.
On similar lines, metal for delivery in October was down by Rs 1.15, or 1.07 per cent, to Rs 106.75 per kg with a volume of 55 lots.
Analysts said off-loading of positions by speculators, tracking a weak trend at the London Metal Exchange (LME) after the official purchasing managers index for manufacturing in China showed its worst reading since August 2012, cementing a broader picture of falling demand in China, weighed on aluminium prices at futures trade. (PTI)