India aluminium scrap prices climb; aluminium futures settle slightly down
India's major aluminium scrap commodities prices climbed on Monday, while aluminium futures prices at Multi Commodity Exchange settled slightly down.
The major aluminium scrap commodities on the Scrap Register Price Index showed an uptrend on Monday. India's major aluminium scrap commodities like aluminium accessories scrap, aluminium sheet cutting and aluminium wire scrap traded higher on Monday.
The most active March aluminium contract on MCX is down by 0.83 per cent to INR 125.10 per kilogram on Monday from previous close of INR 126.15 per kilogram. The MCX aluminium prices touched an intra-day high of INR 125.80 per kilogram and an intra-day low of INR 124.10 per kilogram during Monday.
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In addition, inventories of aluminium ingot in China’s five major trading markets climbed above 1 million tonnes as of now. The inventories in the five markets, namely Shanghai, Wuxi, Hangzhou, Gongyi, and Nanhai, grew for 9 weeks in a row, and the level of inventories in those regions have been far higher than the level seen the same period of last year.
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