INDIA April 19 2017 4:32 PM
NEW DELHI (Scrap Register): India major aluminium scrap commodities prices remained flat on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled down as pressure seen across the base metal complex while aluminium give up early strong gains made after traders returned from a four-day Easter break to news of forthcoming capacity cuts in China.
India's major aluminium scrap commodities like aluminium accessories scrap, aluminium cable scrap , aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063 and aluminium scrap taint/tabor stayed flat on Tuesday.
The most active April aluminium contract on Multi Commodity Exchange settled down by 1.89 percent to Rs. 122.00 per kilogram on Tuesday from previous close of 124.35 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 125.45 per kilogram and an intra-day low of Rs. 121.80 per kilogram during Tuesday.
Industrial metals plunged as traders capitulated amid stock market declines and skepticism surrounding the outlook for commodity demand from China and the US.
Metals have pulled back in the past two months, after surging last year, as investors question the boost from President Donald Trump’s infrastructure spending plans and the sustainability of Chinese demand growth.