Aluminium scrap prices in India plateau while aluminium futures climb higher at MCX

The prices of major aluminium scrap commodities in India remained largely unchanged on Wednesday, March 15, while aluminium futures edged higher at Multi Commodity Exchange (MCX). The rise in MCX aluminium was in tandem with the uptrend in aluminium prices at the London Metal Exchange (LME) on Wednesday.

On the Scrap Register Price Index, a downtrend was noted for India’s major aluminium scrap commodities on Wednesday. Commodities such as 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 dropped from their earlier trading bands indicating at mild trading in the domestic market.

The most traded March aluminium futures contract on MCX closed at INR123.30 per kilogram on Thursday, March 16, down by 0.82 per cent from its previous close of INR 122.30 per kilogram. The MCX aluminium prices peaked at INR 123.40 per kilogram and touched an intra-day low of INR 121.90 per kilogram during Thursday’s trading hours.

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The Federal Reserve of the United States of America raised its benchmark interest rate on Wednesday in a bid to improve the economy. The Fed has hiked its target rate by a quarter point to a range of 0.75 per cent to one per cent.  Fed Chairwoman Janet Yellen had announced the decision earlier this month; she said Fed would raise interest rates unless there is any unpleasant economic exigency.