India Aluminium Scrap prices stay flat; Aluminium Futures slightly up

India major aluminium scrap commodities prices stayed flat on the Scrap Register Price Index as on Thursday, while aluminium futures prices at Multi Commodity Exchange ended slightly higher.

India's major aluminium scrap commodities like 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 Thursday.

The most active May aluminium contract on Multi Commodity Exchange settled slightly higher by 0.16% Rs. 126.30 per kilogram on Thursday from previous close of 126.10 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 126.45 per kilogram and an intra-day low of Rs. 125.55 per kilogram during Thursday.

This week metals where under pressure after Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. 

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Aluminium likely to get boost as uncertainty over future production in China, which produces more than half the world's aluminium, is the single most important reason why the London metal price is up 14.5 percent this year, outstripping all the other major industrial metals. But all that lies ahead and right now, it seems, China's aluminium production machine is cranking back up again