India Aluminium Scrap prices stay flat; MCX Aluminium settles down

INDIA October 16 2015 5:03 PM

MUMBAI (Scrap Register): India major aluminium scrap commodities prices stayed flat on Thursday, while aluminium futures prices at India's Multi Commodity Exchange settled down weighed by large stocks and a surge in Chinese exports this year.

The major aluminium scrap commodities dropped on Scrap Register Price Index as on Thursday. India's major scrap commodities like aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap were remained flat on Thursday.

The most active September aluminium contract on Multi Commodity Exchange settled down by 1.19% to Rs. 100.25 per kilogram on Thursday from previous close of Rs. 101.45 per kilogram.

The MXC aluminium prices touched an intra-day high of Rs. 101.75 per kilogram and an intra-day low of Rs. 99.55 per kilogram during Thursday. The open interest of the contract stood at 10608 lots.

US September’s CPI fell 0.2% from August, flat with a year ago. Both MoM and YoY growth in Core CPI (excluding food and energy prices) beat forecast. Besides, US initial jobless claim figure during the week ending October 10 refreshed a 42-year low.

China September new loans surge to RMB 1.05 trillion but M2 supply growth slows to 13.1% YoY, leaving room for additional pro-growth measures. Weak China inflation data reinforced views that Beijing will roll out fresh support measures soon for the world's second largest economy.