India Aluminium Scrap prices flat; Aluminium Futures rally 6.03 percent
MUMBAI (Scrap Register): India major Aluminium scrap prices remained flat on the Scrap Register Price Index as on Wednesday, while Aluminium futures prices at India's Multi Commodity Exchange rallied in line with Aluminium prices at London Metal Exchange.
London aluminium futures rose to their strongest level since 2011 on Wednesday amid growing worries over tighter supply, while nickel surged more than 4 percent to a three-year peak.
India's major brass and copper scrap commodities prices including aluminium accessories scrap, aluminium cable scrap , aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed a flat trend on the Scrap Register Price Index as on Wednesday.
The most active April aluminium contract on the India’s Multi Commodity Exchange has rallied by 6.03 percent to Rs. 168.75 per kilogram on Wednesday from previous close of Rs. 159.15 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 169.30 per kilogram and an intra-day low of Rs. 158.10 a kilogram during Wednesday.
U.S. sanctions on major aluminium producer Rusal have pushed aluminium prices by more than 20 percent since the sanctions began earlier this month. Some traders and analysts were puzzled about the sudden spike in nickel prices, with some attributing it to technical factors.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)