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India Aluminium Scrap prices show up trend; MCX Aluminium edges down

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MUMBAI (Scrap Register): India’s major aluminium scrap commodities prices showed an up trend on the Scrap Register Price Index as on Friday, while aluminium futures prices at India's Multi Commodity Exchange edged down on weaker economic data from China, the world’s top consumer of metals, was still pressuring the market.

India's major aluminium scrap commodities prices including aluminium accessories scrap, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed an up trend on the Scrap Register Price Index as on Friday.

The most active November aluminium contract on India’s Multi Commodity Exchange settled lower by 0.22 percent to Rs. 136.25 per kilogram on Friday from previous close 136.55 a kilogram. MCX aluminium prices touched an intra-day high of Rs. 137.15 per kilogram and an intra-day low of Rs. 135.00 a kilogram during Friday.

The losses in aluminium prices were tempered by expectations that a crackdown on polluting industry in China will cut supply.

China’s economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations. China’s financial sector faces bubble risks, a government official said, adding that a property tax might be on the cards in the near future.

(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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