Indian Aluminium Scrap prices remain flat; MCX Aluminium settles down

INDIA May 07 2015 7:06 PM

MUMBAI (Scrap Register): Indian aluminium scrap prices on Scrap Register Price Index remained flat on Wednesday, while aluminium futures prices at India's Multi Commodity Exchange traded down.

As per Scrap Register Price Index, major copper scrap commodities like aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap, aluminium wire scrap traded almost flat on Wednesday.

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However, the most active May aluminium contract on Multi Commodity Exchange last traded down by 2.20% to Rs. 121.85 per kilogram from previous close of Rs. 124.60 per kilogram. The MXC aluminium prices touched an intra-day high of Rs 125.60 per kilogram and an intra-day low of Rs 120.90 per kilogram.

MCX aluminium settled down on Wednesday gave back most of gains made in previous day overnight due to selloffs at highs. The US dollar index fell due to disappointing US ADP employment report.

Data from US were poor. US April new hiring growth in the private sector was only 169,000, much lower than expectation. April ADP hiring data was far below expectation, the lowest since January 2014.

Previous number was adjusted to a lower level, indicating that non-farm payroll data due out Friday will be below expectation, while bond yields in most euro zone countries rose, attracting lots of capitals, pushing US dollar index down over 1.3%.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)