India aluminium scrap prices decline; Aluminium futures up in line with LME aluminium

<p>Major aluminium scrap commodities prices in India declined on Friday, while aluminium futures prices at Multi Commodity Exchange advanced one percent in line with LME aluminium prices as traders covered their short positions on weekend. <br /><br />The major aluminium scrap commodities on the Scrap Register Price Index fell on Friday. India's major scrap commodities like aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium utensil scrap and aluminium wire scrap traded down on Friday.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/alu_scrap(1).jpg" alt="News" width="517" height="226" /><br />The most active January aluminium contract on Multi Commodity Exchange gained by one percent to INR116.65 per kilogram on Friday from previous close of INR115.50 per kilogram. The MXC aluminium prices touched an intra-day high of INR116.95 per kilogram and an intra-day low of INR115.30 per kilogram during Friday.<br /><br />U.S. employment increased by less than expected in December, but a rebound in wages pointed to sustained labour market momentum that sets up the economy for stronger growth and further interest rate increases. <br /><br />{googleAdsense}<br /><br />China's foreign exchange reserves fell for a sixth straight month in December to the lowest since early 2011, but held just above the critical $3 trillion level, as authorities stepped in to support the yuan ahead of U.S. President-elect Donald Trump's inauguration.<br /><br />Reserves fell by a slightly less than expected $41 billion last month to $3.011 trillion, central bank data showed on Saturday, following a drop of $69.06 billion in November.&nbsp;</p>