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India Aluminium Scrap prices climb; Aluminium Futures down 1 percent

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MUMBAI (Scrap Register): India major aluminium scrap commodities prices climbed on the Scrap Register Price Index as on Monday, while aluminium futures prices at India's Multi Commodity Exchange settled down as traders booked profits after prices advanced due to Chinese factory data fell short of market expectations.

India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed an up trend during Monday.

The most active August aluminium contract on Multi Commodity Exchange declined by 1.04 percent to Rs. 128.95 per kilogram on Monday from previous close 130.30 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 130.00 per kilogram and an intra-day low of Rs. 128.85 per kilogram during Monday.

China's July factory output grew 6.4 percent from a year earlier, while fixed-asset investment expanded by 8.3 percent in the first seven months, both below economist forecasted.

China Hongqiao, the world's biggest aluminium producer, on Monday confirmed it had closed 2.68 million tonnes of smelting capacity after being ordered to do so by the government of its home province of Shandong.

China's aluminium output fell 8.2 percent in July from a record high a month earlier, data showed on Monday, as capacity cuts that have sent prices to multi-year highs start to take their toll on the country's output.

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

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