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Aluminium futures slide on diminishing demand
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Aluminium futures were trading lower during morning trade in the domestic market on Tuesday as participants indulged in offloading their positions in the industrial metal amid slide in physical demand for aluminium at the domestic spot market. Further, a decline in physical demand for aluminium at the domestic spot market was due to trimming of fresh positions by traders in the spot markets, influenced aluminium prices at futures trade.
At the MCX, aluminium futures for December 2016 contract is trading at Rs 117.10 per kg, down by 0.55 per cent, after opening at Rs 117.05, against a previous close of Rs 117.75. It touched the intra-day low of Rs 116.95.
Trading Ideas
Aluminium trading range for the day is 116.4-119.
Aluminium prices gained supported by a private survey showing growth in China's services sector accelerated to a 16-month high in November
U.S. services sector activity hit a one-year high in November, with a surge in production-boosting hiring, further evidence of strength in the economy
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