India Aluminium Scrap prices remain stable; Aluminium Futures down

India major aluminium scrap commodities prices remained stable on Thursday, while aluminium futures prices at Multi Commodity Exchange settled down on profit booking after prices rallied to test 113.70 mark tracking gain's from LME aluminium which held near their strongest level in 13 months on worries over tighter supply.

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

The most active August aluminium contract on Multi Commodity Exchange settled slightly down by 0.23% to Rs. 112.10 per kilogram on Thursday from previous close of Rs. 113.15 per kilogram. The MXC aluminium prices touched an intra-day high of Rs. 113.70 per kilogram and an intra-day low of Rs. 112 per kilogram during Thursday.

The recent slump in oil prices continue to take a toll on aluminum prices also, given that the metal belongs to an energy intensive industry. Prices also suffered due to the oversupply of the metal, which was further aggravated by surging aluminum exports from China amid waning domestic demand.

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