Aluminium rebounds in futures trade to Rs 309.25 per kg after early slide

Aluminium futures staged a smart recovery in the futures trade on Monday, reversing its early losses as traders engaged in value buying despite a weak trend in the international markets. On the Multi Commodity Exchange, aluminium futures for February delivery opened lower and slipped by Rs 8.4, or 2.72 per cent, to hit an intraday low of Rs 300 per kilogram. Later, the metal bounced back and gained 85 paise, or 0.28 per cent, to trade higher at Rs 309.25 per kilogram in a business turnover of 4,316 lots. Analysts said initial selling pressure came from weak trends in the overseas markets. However, renewed buying interest at lower prices helped the base metal recoup losses. Meanwhile, aluminium on the London Metals Exchange (LME) fell by USD 51.05, or 1.62 per cent, to USD 3,066.60 per tonne.