INDIA June 06 2017 5:39 PM
NEW DELHI (Scrap Register): Major aluminium scrap commodities prices in India dropped on the Scrap Register Price Index as on Monday, tracking the weakness in aluminium futures prices at Multi Commodity Exchange as traders brushed aside news that Qatar's exports of the metal had been blocked and focused instead on weak Chinese demand and rising geopolitical tensions.
India's major aluminium scrap commodities like aluminium accessories scrap, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap declined on the Scrap Register Price Index as on Monday.
The most active June aluminium contract on Multi Commodity Exchange settled down by 1.29% Rs. 122.25 per kilogram on Monday from previous close of 123.85 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 124 per kilogram and an intra-day low of Rs. 122.10 per kilogram during Monday.
Norway's Norsk Hydro said it was seeking other routes for its aluminium exports from Qatar, which have been blocked as a result of a diplomatic rift between the Gulf country and several Arab states.