Chinese National Day holiday hits India Aluminium Scrap, MCX Aluminium prices

INDIA October 07 2015 4:25 PM

MUMBAI (Scrap Register): India major aluminium scrap commodities prices declined on Tuesday in line with aluminium futures prices at India's Multi Commodity Exchange as Chinese markets remained closed on Tuesday for its National Day holiday.

The major aluminium scrap commodities dropped on Scrap Register Price Index as on Tuesday. India's major scrap commodities like aluminium accessories scrap, aluminium rod local, aluminium sheet cutting, aluminium wire scrap traded down on Tuesday.

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The most active October aluminium contract on Multi Commodity Exchange settled down by 0.2% to Rs. 100.50 per kilogram on Tuesday from previous close of Rs. 100.70 per kilogram.

The MXC aluminium prices touched an intra-day high of Rs. 101.50 per kilogram and an intra-day low of Rs. 100.20 per kilogram during Tuesday. The open interest of the contract stood at 6550 lots.

Aluminium outlook still remain weak as concerns about slowing demand growth in top consumer China and an oversupplied market resurfaced, but falling inventories, planned output cuts and a weaker dollar helped limit losses.

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