New Delhi: State-run NALCO has cut aluminium prices by Rs 4,500 in line with the trend in the international markets, where prices have declined by about 40 per cent since July.

The alloy will be priced at around 1,28,000 a tonne in the domestic market, a decision to this effect was taken on October 7,a company official told PTI, who did not wished to be named as he was not authorised to speak on the subject.

"Aluminium prices have been declining continuously in the global markets since July, when it was at its peak. It has come down by almost 40 per cent following weaker sentiments spawned by a global economic slowdown," Karvy Comtrade s G Harish said.

On July 14,spot prices of aluminium at the London Metal Exchange stood at about USD 3,292 and last Friday it was at USD 2,161.

"Amidst a slum in demand and high inventories piled up, aluminium producers are reviewing the rate of the metal," he added.

NALCO produced about 3.6 lakh tonnes of aluminium at the end of the last fiscal.

Other metals like copper, zinc, steel are also declining on the softening global trend.

Aerospace, transportation, construction industry are main consumers of the metal and its alloys. The non-ferrous metal is intensively used by the producers of cooking and related utensils.
Source : PTI