India Aluminium Scrap prices remain flat; Aluminium Futures settle higher

INDIA May 24 2017 6:15 PM

NEW DELHI (Scrap Register): India major aluminium scrap commodities prices remained flat on the Scrap Register Price Index as on Tuesday, while aluminium futures prices at Multi Commodity Exchange settled higher as dollar fell after weakening U.S. economic data and troubles facing U.S. President Donald Trump.

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 showed a flat trend on the Scrap Register Price Index as on Tuesday.

The most active May aluminium contract on Multi Commodity Exchange settled higher by 0.96% Rs. 126.45 per kilogram on Tuesday from previous close of 125.25 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 126.50 per kilogram and an intra-day low of Rs. 124.55 per kilogram during Tuesday.

However, market sentiments remain bullish for Aluminium as support seen after the speculation that new aluminum production capacity has been halted in China as the Chinese government’s focus on air pollution, has resulted in a crackdown on a range of polluting industries.