India major aluminium scrap prices down in line with aluminium futures

India major aluminium scrap commodities prices declined on Tuesday in line with aluminium futures prices at Multi Commodity Exchange tracking LME Three-month aluminium which closed down 0.6 percent at $1,625 as recent US data suggests tepid economic growth, slowing manufacturing activity and subdued inflation.

The major aluminium scrap commodities showed a down trend during Tuesday. India's major scrap commodities like aluminium  accessories scrap, aluminium cable scrap , aluminium ingots, aluminium scrap  6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium utensil  scrap, aluminium wire scrap traded lower on Tuesday.

The most active August aluminium contract on Multi Commodity Exchange settled slightly up by 0.5 per cent to INR 109 per kilogram on Tuesday from previous close of INR 108.45 per kilogram. The MXC aluminium prices touched an intra-day high of INR 110.10 per kilogram and an intra-day low of INR 108.35 per kilogram during Tuesday.

While in early session aluminium prices at LME gained as the lower dollar triggered a flurry of buying, but surveys of manufacturers around the world indicating slow activity dampened sentiment and limited gains. 

A lower U.S. currency makes dollar-denominated metals cheaper for holders of other currencies, a relationship used by funds to generate buy and sell signals.

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