INDIA March 27 2017 5:10 PM
MUMBAI (Scrap Register): India's major aluminium scrap commodities prices continued to remain stable on Friday, while aluminium futures prices at Multi Commodity Exchange edged up as the political heat is rising in the aluminium market, with a trio of industry bodies calling on the G20 to address global market imbalances resulting from China's burgeoning output.
The major aluminium scrap commodities on the Scrap Register Price Index showed a steady trend on Friday. India's major aluminium scrap commodities like 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 showed a flat trend on Friday.
The most active March aluminium contract on Multi Commodity Exchange down by 0.28 percent to Rs. 126.15 per kilogram on Friday from previous close of Rs. 125.80 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 126.30 per kilogram and an intra-day low of Rs. 125.40 per kilogram during Friday.
Inventories of aluminum ingot in China’s domestic market kept growing last week, and total stocks in five regions, including Shanghai, Wuxi, Hangzhou, Gongyi, and Nanhai, reached 1.14 million tons.
Investors were also jittery about the possibility President Donald Trump's healthcare bill might not pass, suggesting he may struggle to muster the backing needed to push through fiscal measures central to the U.S. government's economic agenda.