Aluminium prices strong but NALCO falls over 4%

Commodity Online MUMBAI: Aluminium Stocks witnessed a downfall on the Indian bourses even as the metal prices stayed firm on commodity exchanges today. The leading aluminium producers, National Aluminium Company Ltd, (NALCO) and Hindalco Industries Ltd witnessed a fall on the Bombay Stock Exchange (BSE) today. NALCO was trading at Rs.223.50 down by over 4%, while Hindalco was trading at Rs. 43.80 down by 2.77%. Trade sitting at the comfort of home. Start with a mere 50$ Madras Aluminium Company Ltd (MALCO) too witnessed a fall of more than 1% to Rs.103 during the afternoon trading session on the BSE. However, the stock prices had surged over past one week following the buying rally in the markets. NALCO had surged by over 16% over past one week, while Hindalco had appreciated by over 17% during last week. The metal prices remained strong on the commexes. MCX-Aluminum Futures for March contract was up to Rs.70 per kg. According to experts, Aluminium price suggest bottom for the medium term. However, the white metal will face resistance from the eight-month-long falling trend line at Rs 71.