Aluminium futures slip after hitting record high

New Delhi, Jan 7 (PTI) Aluminium prices retreated after hitting a record high of Rs 317.80 per kg in the futures trade on Wednesday as traders booked profits at higher levels, tracking weak global cues.

Ending the three-day rally, aluminium futures for January delivery slipped by Rs 1.50, or 0.48 per cent, to Rs 313.30 per kilogram. In the early trade, the metal had gone up by Rs 3, or 0.95 per cent to hit a record high of Rs 317.80 per kg, on the Multi Commodity Exchange (MCX). It had closed at Rs 314.80 per kg on Tuesday.

Similarly, the February delivery also went lower by Rs 1.30, or 0.41 per cent, to Rs 316.75 per kg. The metal had touched a fresh peak of Rs 321.25 per kg in the morning.

Analysts said the decline was largely in line with weak global trends, with market participants locking in gains after the recent sharp rally.

In the international markets, on the London Metals Exchange (LME), aluminium futures fell by USD 27.75, or 0.89 per cent, to USD 3,106.10 per tonne. The metal had hit an all-time high of USD 3,136.45 per tonne on Tuesday.

According to commodities market experts, market participants said profit booking and a slight pullback in global metals weighed on aluminium prices, though the broader outlook remains firm amid supply-side concerns. PTI HG HG ANU ANU