India Aluminium scrap prices flat; Aluminium Futures gain further 1.46 percent
MUMBAI (Scrap Register): India major Aluminium scrap prices remained flat on the Scrap Register Price Index as on Tuesday, while Aluminium futures prices at India's Multi Commodity Exchange settled higher mainly due to positive industrial production data from China.
India's major Aluminium scrap commodities prices including aluminium accessories scrap, aluminium ingots, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap steady on the Scrap Register Price Index as on Tuesday.
The most active May aluminium contract on the India’s Multi Commodity Exchange has gained further by 1.46 percent to Rs. 159.50 per kilogram on Tuesday from previous close of Rs. 157.20 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 159.90 per kilogram and an intra-day low of Rs. 154.60 a kilogram during Tuesday.
China’s economy is in good shape, industrial production is strong and its lending figures are a positive for the construction and housing market. China’s industrial output rose 7 percent in April, above forecasts for a 6.3 percent increase and up from a seven-month low of 6 percent in March.
Chinese banks extended 1.18 trillion yuan ($185.5 billion) in net new yuan loans in April. The forecast was for 1.1 trillion yuan compared with March’s 1.12 trillion yuan.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)