US Aluminium Scrap prices show flat trend; LME Aluminium settles down to $1,846 a ton

UNITED KINGDOM May 15 2015 4:35 PM

NEW YORK (Scrap Register): United States major aluminium scrap commodities prices showed a flat trend on Thursday, while the futures prices at London Metal Exchange settled down 0.7% at $1,846 a ton.

As per Scrap Register Price Index, major aluminium scrap commodities like 356 auto wheels, 5052 alum clip, 6061 alum extrusion, 6063 10-10 extrusion, al/cu rad with iron, al/cu radiator, alum breakage 50%, alum litho sheets, alum old sheet, alum rad with iron, alum radiator, alum transformer, alum transmission, alum turning, mix alum casting remained almost a flat trend on Thursday.

Aluminium futures prices at London Metal Exchange traded down on Thursday as market capitals failed to stimulate commodity trade, weighing on prices. US initial jobless claims just slipped 1,000 to 264,000 in the week ending May 8, better than expectation and below 270,000 for three weeks.

However, the upbeat indicators failed to raise hope for US Fed’s interest rate hike as Mr. Kohn, the former Vice Chairman of the Fed, reported that weaker-than-forecast April retail sales killed the possibility of raising interest rate in June, pushing US dollar index down 0.32% to 93.37.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)