INDIA March 02 2016 5:25 PM
MUMBAI (Scrap Register): India's major nickel scrap prices advanced on Scrap Register Price Index as on Tuesday in line with nickel futures prices at India's Multi Commodity Exchange.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel plate (4x24), nickel plate (9x9) and nickel Russian (4x4) showed an uptrend on Tuesday.
In futures, the most active March nickel contract on Multi Commodity Exchange settled up by 0.96% to Rs. 591.60 per kilogram on Tuesday from previous close of Rs. 586 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 592.80 per kilogram and an intra-day low of Rs. 580.20 per kilogram during Tuesday.
Nickel futures prices at India's Multi Commodity Exchange gained as support seen after the statement from Glencore that the fundamental outlook for nickel now appears brighter, with the market ending the year in balance, following improved fourth-quarter demand and continued supply-side adjustments.
Glencore believes further cuts to global supplies are required to support a nickel price recovery.