24 FEBRUARY 2016Shanghai Metal Market
India major aluminium scrap and futures prices soar on improved market sentiment
Edited by : AL CIRCLE
1 min read
India major aluminium scrap commodities prices soared on Monday, while aluminium futures prices at Multi Commodity Exchange advanced by 1.2 per cent mainly on improved market sentiment due to anticipation for a turnaround in aluminium consumption after the week-long holiday.
The major aluminium scrap commodities advanced on Scrap Register Price Index as on Monday. India's major scrap commodities like aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed an up trend during the day.
The most active February aluminium contract on Multi Commodity Exchange settled up by 1.2 per cent to INR 108.90 per kilogram on Monday from previous close of INR 107.65 per kilogram. The MXC aluminium prices touched an intra-day high of INR 109.50 per kilogram and an intra-day low of INR 107.15 per kilogram during Monday.
Worries about a global slowdown will keep investors focused on early indicators of stress this week. Aluminium stocks in China’s major markets swelled after the 2016 Chinese New Year holiday. China’s five major markets saw aluminium stocks ballooned 201,000 tons from pre-holiday levels.
The major aluminium scrap commodities advanced on Scrap Register Price Index as on Monday. India's major scrap commodities like aluminium accessories scrap, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap showed an up trend during the day.
The most active February aluminium contract on Multi Commodity Exchange settled up by 1.2 per cent to INR 108.90 per kilogram on Monday from previous close of INR 107.65 per kilogram. The MXC aluminium prices touched an intra-day high of INR 109.50 per kilogram and an intra-day low of INR 107.15 per kilogram during Monday.
Worries about a global slowdown will keep investors focused on early indicators of stress this week. Aluminium stocks in China’s major markets swelled after the 2016 Chinese New Year holiday. China’s five major markets saw aluminium stocks ballooned 201,000 tons from pre-holiday levels.
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