INDIA January 25 2016 3:41 PM
MUMBAI (Scrap Register): India major aluminium scrap commodities prices remained flat on Friday, while aluminium futures prices at India's Multi Commodity Exchange settled slightly lower, tracking weakness in other base metals counters as market is witnessing under long liquidation.
The major aluminium scrap commodities dropped on Scrap Register Price Index as on Friday. India's major scrap commodities like aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap remained flat on Friday.
The most active January aluminium contract on Multi Commodity Exchange settled slightly lower by 0.30% to Rs. 100.75 per kilogram on Friday from previous close of Rs. 101.05 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 101.95 per kilogram and an intra-day low of Rs. 100.60 per kilogram during Friday.
Moody's placed aluminium producer Alcoa and dozens of global miners on ratings watch, citing a slump in commodities on oversupply and slowing growth in China.
China's plans to set up funds to manage coal and steel capacity closures and stockpiling schemes offer nervous markets some clarity on the likely future make-up of the country's sprawling and predominantly state-run metals and mining industries.
