India Major Aluminium Scrap prices down in line with Aluminium Futures

INDIA August 03 2016 11:05 AM     

MUMBAI (Scrap Register): India  major aluminium scrap commodities prices declined on Tuesday in line with  aluminium futures prices at Multi Commodity Exchange tracking LME Three-month  aluminium which closed down 0.6 percent at $1,625 as recent US data suggests  tepid economic growth, slowing manufacturing activity and subdued  inflation.

The major aluminium scrap commodities showed  a down trend during Tuesday. India's major scrap commodities like aluminium  accessories scrap, aluminium cable scrap , aluminium ingots, aluminium scrap  6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil  scrap, aluminium wire scrap traded lower on Tuesday.

The most active  August aluminium contract on Multi Commodity Exchange settled slightly up by  0.5% to Rs. 109 per kilogram on Tuesday from previous close of Rs. 108.45 per  kilogram. The MXC aluminium prices touched an intra-day high of Rs. 110.10 per  kilogram and an intra-day low of Rs. 108.35 per kilogram during  Tuesday.

While in early session aluminium prices at LME gained as the  lower dollar triggered a flurry of buying, but surveys of manufacturers around  the world indicating slow activity dampened sentiment and limited gains.  

A lower U.S. currency makes dollar-denominated metals cheaper for  holders of other currencies, a relationship used by funds to generate buy and  sell signals.