A flat trend was observed in the India aluminium scrap commodities market as major aluminium scrap commodities prices showed no change on the Scrap Register Price Index on Tuesday, May 23. Aluminium futures prices, on the other side, rose higher at Mumbai’s Multi Commodity Exchange gaining support from the weakening U.S. dollar.
Prices of aluminium scrap commodities which remained unchanged on the Index are 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.
The most actively traded aluminium contract on MCX edged higher by 0.96 per cent from its previous close of INR 125.25 per kilogram to settle at INR 126.45 per kg on Tuesday. The MCX aluminium prices reached an intra-day peak of INR 126.50 per kg and a low of INR 124.55 per kg the same day.
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Analysts hold a short to medium term bullish outlook for MCX aluminium as oversupply seems to be controlled for the time being due to the recent crackdown by the Chinese government on a range of polluting smelters. However, a break below the support can lead to a loss, as indicated by the technical projections.
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