India's major Aluminium Scrap prices up; MCX Aluminium settles higher

INDIA February 05 2016 3:21 PM     

MUMBAI (Scrap Register): India  major aluminium scrap commodities prices advanced on Thursday, while aluminium  futures prices at Multi Commodity Exchange settled higher as a steep fall in the  dollar eclipsed tepid demand in China, forcing shorts to cover ahead of the week  long Lunar new year break.

The major aluminium scrap commodities rose on  Scrap Register Price Index as on Thursday. India's major scrap commodities like  aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium  sheet cutting, aluminium utensil scrap and aluminium wire scrap traded up on  Thursday.

The  most active February aluminium contract on Multi Commodity Exchange settled  slightly up by 0.39% to Rs. 104.45 per kilogram on Thursday from previous close  of Rs. 104.05 per kilogram. The MXC aluminium prices touched an intra-day high  of Rs. 105.05 per kilogram and an intra-day low of Rs. 103.80 per kilogram  during Thursday.

According to the traders, besides increased domestic  demand, strength in base metals pack at the London Metal Exchange as China's  central bank sought to support the property market with steps that may spur  investment in the country and demand from the construction industry, helped  aluminium futures to rise.