India Aluminium Scrap prices steady; Aluminium Futures edge up
MUMBAI (Scrap Register): India major Aluminium scrap prices steady on the Scrap Register Price Index as on Monday, while aluminium futures prices at India's Multi Commodity Exchange slightly advanced.
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 showed a steady trend on the Scrap Register Price Index as on Monday.
The most active December aluminium contract on the Multi Commodity Exchange gained by 0.73 to Rs. 129.50 per kilogram on Monday from previous close of Rs. 130.45 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 130.60 per kilogram and an intra-day low of Rs. 126.25 a kilogram during Monday.
Investors feared trade tariffs would curtail Chinese economic growth, and the uncertainty helped push the dollar to an 18-month high, making metals more expensive for non-U.S. buyers and helping depress demand.
Used in transport and packaging, aluminium fell sharply in late December after Russia's Rusal, the largest producer outside China, agreed a deal with U.S. authorities to remove it from a sanctions list, allowing its metal onto global markets.