India major aluminium scrap prices remain flat; aluminium futures up

India major aluminium scrap commodities prices remained flat on Wednesday; while aluminium futures prices at Multi Commodity Exchange ended up as support seen after Norsk Hydro raise its estimate of growth in global aluminium demand to between 4 per cent and 5 per centfrom 3-4 per cent.

The major aluminium scrap commodities showed a flat trend during Wednesday. India's major scrap commodities like aluminium accessories scrap, aluminium cable scrap , aluminium rod company, aluminium rod local, aluminium scrap 6063, aluminium scrap taint/tabor, aluminium sheet cutting, aluminium wire scrap remained flat on Wednesday.

The most active August aluminium contract on Multi Commodity Exchange settled slightly up by 1.21 per cent to INR 109.85 per kilogram on Thursday from previous close of INR 108.45 per kilogram. The MXC aluminium prices touched an intra-day high of INR 110.25 per kilogram and an intra-day low of INR 108.20 per kilogram during Wednesday.

While upside was capped as the dollar rebounded and nervousness over global central bank policy persisted, with China's state planner calling for policy easing but not specifying when. In earlier hours Chinese Caixin services PMI which disappointed the market in morning came at 51.70 against the 52.9 expected, 52.7 previous.

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