India aluminium scrap prices remain unchanged while MCX aluminium edges higher

<p>Prices of major aluminium scrap commodities in India market stayed flat on the Scrap Register Price Index on Friday, May 12, while aluminium futures traded at Mumbai&rsquo;s Multi Commodity Exchange got some breather. The contract that seemed to have formed a reasonably solid base above INR 120 per kg the past week surged on Monday, May 15, breaking above the resistance band of INR 121.5-122 per kg.</p> <p>Trend analysis suggests the downward pressure on the light metal prices will ease if MCX aluminium manages to sustain above INR 122 per kg in the foreseeable future.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/Indian-scrap-recycling-2.jpg" alt="News" width="517" height="344" /></p> <p>Prices of major aluminium scrap commodities like aluminium accessories scrap, aluminium cable scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium scrap 6063 and aluminium scrap taint/tabor remained unchanged on Scrap Register flat on Friday.</p> <p>{googleAdsense}</p> <p>It is learnt from reliable sources that crackdowns on illegal aluminium capacity in China are going to affect capacity by 3-8 million tonnes. Aluminium ingot stocks in five major China markets including Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, fell sharply last week.</p> <p>As of May 12, total stocks in these five regions were recorded at 1.195 million tonnes, down 31,000 tonnes from the previous week, SMM data showed.</p>