India Aluminium scrap prices advance; Aluminium Futures fall 1.15 percent
MUMBAI (Scrap Register): India major Aluminium scrap prices advanced on the Scrap Register Price Index as on Wednesday, while aluminium futures prices at India's Multi Commodity Exchange settled down.
India's major Aluminium scrap commodities prices including aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap gained on the Scrap Register Price Index as on Wednesday.
The most active October aluminium contract on the Multi Commodity Exchange advanced to Rs. 138.35 per kilogram on Wednesday from previous close of Rs. 139.95 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 139.80 per kilogram and an intra-day low of Rs. 138.25 a kilogram during Wednesday.
United States production is expected to climb 67 percent this year, as new aluminium expansion projects come online adding to a globally oversupplied market, said SP Angel in a note, quoting the Economic Policy Institute think tank.
(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)