INDIA February 23 2016 10:37 AM 

MUMBAI (Scrap Register): India major aluminium scrap commodities prices soared on Monday, while aluminium futures prices at Multi Commodity Exchange advanced by 1.2% mainly on improved market sentiment due to anticipation for a turnaround in aluminum consumption after the week-long holiday.

The major aluminium scrap commodities advanced on Scrap Register Price Index as on Monday. 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 showed an up trend during the day.

The most active February aluminium contract on Multi Commodity Exchange settled up by 1.2 % to Rs. 108.90 per kilogram on Monday from previous close of Rs. 107.65 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 109.50 per kilogram and an intra-day low of Rs. 107.15 per kilogram during Monday.

Worries about a global slowdown will keep investors focused on early indicators of stress this week. Aluminum stocks in China’s major markets swelled after the 2016 Chinese New Year holiday. China’s five major markets saw aluminum stocks ballooned 201,000 tons from pre-holiday levels.