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India Aluminium Scrap prices remain steady; Aluminium Futures down 1.36%

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MUMBAI (Scrap Register): India’s major aluminium scrap commodities prices remained steady on the Scrap Register Price Index as on Wednesday, while aluminium futures prices at India's Multi Commodity Exchange settled down as winter production cuts in China turned out to be less severe than expected.

India's major aluminium scrap commodities prices including 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 remained steady on the Scrap Register Price Index as on Wednesday.

The most active November aluminium contract on India’s Multi Commodity Exchange declined by 1.36 percent to Rs. 130.20 per kilogram on Wednesday from previous close 132.00 a kilogram. MCX aluminium prices touched an intra-day high of Rs. 131.85 per kilogram and an intra-day low of Rs. 129.95 a kilogram during Wednesday.

China could see a weaker first half of 2018 and as investors looked to reduce their long exposure before the end of this year.

Confidence among Japanese manufacturers held firm in December and service-sector sentiment rose for a second straight month, underscoring steady economic growth driven by both external and domestic demand.

(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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