India aluminium scrap prices drop; Aluminium futures up on China environmental crackdown worries

India major aluminium scrap commodities prices dropped on the Scrap Register Price Index as on Tuesday, while aluminium futures prices at India's Multi Commodity Exchange settled higher as investors worried about an environmental crackdown in China to close polluting smelters.

India's major aluminium scrap commodities like aluminium rod company, aluminium rod local, aluminium rod local and aluminium wire scrap showed a down trend on Tuesday.

The most active July aluminium contract on Multi Commodity Exchange advanced by 0.65 percent to INR 123.00 per kilogram on Tuesday from previous close 122.20 a kilogram. The MXC aluminium prices touched an intra-day high of INR 123.25 per kilogram and an intra-day low of INR 121.45 per kilogram during Tuesday.

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According to National Bureau of Statistics, Chinese primary aluminium production has advanced by 7.4 percent year-on-year to 2.93 million tons during the month of June this year. The output has totaled 16.84 million tons in during the first half of this year, up 8.8% year-on-year.