INDIA March 10 2017 5:08 PM

MUMBAI (Scrap Register): India's major aluminium scrap commodities prices remained steady on Thursday, while aluminium futures prices at Multi Commodity Exchange declined tracking weakness from LME Aluminium.

The major aluminium scrap commodities on the Scrap Register Price Index showed a down trend on Thursday. India's major aluminium 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 and aluminium wire scrap traded lower on Thursday.

The most active March aluminium contract on Multi Commodity Exchange down by 0.24 percent to Rs. 124.70 per kilogram on Thursday from previous close of Rs. 125 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 125.10 per kilogram and an intra-day low of Rs. 123.25 per kilogram during Thursday.

Aluminium prices at London Metal Exchange closed 0.5 per cent down at $1,868 fairly steady. Aluminium stock continued to decline to be offset by re-warranting – Net inventories are down 16,750 tonnes to 2,084,800 tons and canceled warrants fell 16,475 tons to 786,550 tons.

The United States has launched a trade case accusing Chinese aluminium foil producers of dumping product and damaging its domestic industry, the first such case since the inauguration of U.S. President Donald Trump.