22 JANUARY 2016Shanghai Metal Market
India aluminium scrap prices gain; MCX aluminium settles lower
Edited by : AL CIRCLE
1 min read
India major aluminium scrap commodities prices gained on Wednesday, while aluminium futures prices at India's Multi Commodity Exchange settled lower as pressure seen after Citi cut its 2016 aluminium forecast to $1,435 a ton. It expects Chinese aluminium product exports will continue to weigh on the market this year.
The major aluminium scrap commodities dropped on Scrap Register Price Index as on Wednesday. India's major scrap commodities like Aluminium Accessories scrap, Aluminium ingots, Aluminium Rod Company and Aluminium Rod Local traded up on Wednesday.
However, the most active January aluminium contract on Multi Commodity Exchange settled up by 0.69% to INR 100.15 per kilogram on Wednesday from previous close of INR 100.85 per kilogram. The MXC aluminium prices touched an intra-day high of INR 100.90 per kilogram and an intra-day low of INR 99.95 per kilogram during Wednesday.
While on the contra Aluminium prices are unlikely to continue to decline, Oleg Deripaska, president of Russian aluminium giant Rusal, told Rossiya 24 television on Wednesday.
Meanwhile yesterday all other basemetals dropped amid another slide in oil prices and worries about growth in top metals user China, though losses were limited by hopes Beijing would unveil more stimulus measures.
The major aluminium scrap commodities dropped on Scrap Register Price Index as on Wednesday. India's major scrap commodities like Aluminium Accessories scrap, Aluminium ingots, Aluminium Rod Company and Aluminium Rod Local traded up on Wednesday.
However, the most active January aluminium contract on Multi Commodity Exchange settled up by 0.69% to INR 100.15 per kilogram on Wednesday from previous close of INR 100.85 per kilogram. The MXC aluminium prices touched an intra-day high of INR 100.90 per kilogram and an intra-day low of INR 99.95 per kilogram during Wednesday.
While on the contra Aluminium prices are unlikely to continue to decline, Oleg Deripaska, president of Russian aluminium giant Rusal, told Rossiya 24 television on Wednesday.
Meanwhile yesterday all other basemetals dropped amid another slide in oil prices and worries about growth in top metals user China, though losses were limited by hopes Beijing would unveil more stimulus measures.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
Indian metal recycling industry seeks removal of duties
Next articleAluminium beverage can recycling at new record high
Grow with
AL Circle
