India major Aluminium Scrap prices continue to stay flat; MCX Aluminium down on weak Chinese demand

INDIA August 10 2016 2:21 PM

MUMBAI (Scrap Register): India major aluminium scrap commodities prices continued to stay flat on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled down due to seasonally weak demand in top metals consumer China and concern that Beijing may not cut rates soon. 

The major aluminium scrap commodities continued to show a flat trend during Tuesday. India's major scrap commodities like aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil scrap, aluminium wire scrap remained flat during the day.

The most active August aluminium contract on Multi Commodity Exchange settled slightly down by 0.09% to Rs. 109.60 per kilogram on Tuesday from previous close of Rs. 109.70 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 109.95 per kilogram and an intra-day low of Rs. 109.25 per kilogram during Tuesday.

From China, producer price deflation moderated further, adding to views that the central bank may be in no hurry to cut interest rates, after the country's exports and imports fell more than expected in July in a rocky start to the third quarter.