India Aluminium Scrap prices drop; News from China lifts MCX Aluminium

INDIA January 14 2016 4:36 PM     

MUMBAI (Scrap Register): India  major aluminium scrap commodities prices dropped on Wednesday, while aluminium  futures prices at India's Multi Commodity Exchange settled higher as support  seen after the news that China may stockpile aluminium is also helping support  its price.

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 traded down on Wednesday.

However, the most active  January aluminium contract on Multi Commodity Exchange settled up by 0.40% to  Rs. 98.150 per kilogram on Wednesday from previous close of Rs. 97.75 per  kilogram. The MXC aluminium prices touched an intra-day high of Rs. 98.55 per  kilogram and an intra-day low of Rs. 97.75 per kilogram during  Wednesday.

Data showed China exported 430,000 tons of unwrought aluminium  and aluminium products in December, down from November's 450,000 tons. In all  metals, aluminium, the best performing LME metal this year, added 0.9 percent to  reach $1,463 a ton.