India Aluminium Scrap prices climb; MCX Aluminium settle down

INDIA April 05 2017 3:29 PM

MUMBAI (Scrap Register): India major aluminium scrap commodities prices climbed on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled down on profit booking after prices gained on expectations of a tighter market.

The major aluminium scrap commodities on the Scrap Register Price Index advanced on Tuesday. India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap traded up on Tuesday.

The most active March aluminium contract on Multi Commodity Exchange down by 0.036 percent to Rs. 125.85 per kilogram on Tuesday from previous close of Rs. 126.30 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 126.90 per kilogram and an intra-day low of Rs. 125.70 per kilogram during Tuesday.

Focus on falling stocks of aluminium in LME approved warehouses, which at nearly 1.9 million tonnes are down nearly 20 percent since mid-January. Cancelled warrants -- metal earmarked for delivery -- at 46 percent are also a concern for those wanting to trade on the LME. LME stocks fall 14,250 tonnes to fresh low since December 2008.