India Aluminium Scrap prices fall tracking weakness in Futures

INDIA June 08 2017 4:11 PM
MUMBAI (Scrap Register): India's major aluminium scrap commodities prices fell on the Scrap Register Price Index as on Wednesday tracking the weakness in aluminium futures prices at Multi Commodity Exchange.

The major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed a down trend on the Scrap Register Prices Index as on Wednesday.

The most active June aluminium contract on Multi Commodity Exchange down by 0.88 percent to Rs. 122.40 per kilogram on Wednesday from previous close of Rs. 125.50 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 123.10 per kilogram and an intra-day low of Rs. 122 per kilogram during Wednesday.

Aluminium futures prices at Multi Commodity Exchange declined as traders brush aside news that Qatar's exports of the metal had been blocked and focused instead on weak Chinese demand and rising geopolitical tensions.

While 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. Norsk Hydro and state-owned Qatar Petroleum each own 50 percent of the Qatalum joint venture, which produces more than 600,000 tonnes of primary aluminium per year.