Monday , 27 May 2019

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Aluminium Scrap prices steady; New US import tariffs give minor boost to MCX Aluminium

India major Aluminium scrap prices showed a flat trend on the Scrap Register Price Index as on Friday, while the news on tariffs gave only a minor boost to aluminium futures prices at India’s Multi Commodity Exchange, which ended 0.39 percent higher at Rs. 458.85 a kilogram.

India’s major Aluminium scrap commodities prices including aluminium accessories scrap, aluminium ingots, aluminium sheet cutting, aluminium utensil scrap and aluminium wire scrap remained steady on the Scrap Register Price Index as on Friday.

The most active June aluminium contract on the Multi Commodity Exchange settled slightly up by 0.39 percent to Rs. 155.25 per kilogram on Friday from previous close of Rs. 155.85 a kilogram. The MXC aluminium prices touched an intra-day high of Rs. 156.05 per kilogram and an intra-day low of Rs. 153.00 a kilogram during Friday.

What remains uncertain in a global context is the ever more protectionist approach to trade by the Trump administration. His decision to hit Canada, the EU and Mexico with steel and aluminium tariffs has put all allies of the US on notice; President Trump lashed out at criticism from Canada’s Justin Trudeau.

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