INDIA May 28 2015 4:48 PM

MUMBAI (Scrap Register): Indian nickel scrap prices advanced on Scrap Register Price Index as on Wednesday 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 cathode, nickel plate(4x24), nickel plate(9x9) and Russian(4x4) traded up on Wednesday.

In futures, the most active May nickel contract on Multi Commodity Exchange settled up by 1.2% to Rs. 823.50 per kilogram from previous close of Rs. 814.30 per kilogram.

The MXC nickel prices touched an intra-day high of Rs. 825 per kilogram and an intra-day low of Rs. 807.60 per kilogram. The open interest of the contract stood at 11,603 lots.

Nickel futures prices at India's Multi Commodity Exchange settled up at 823.50 ignoring the pressure from another rise in LME stocks to record levels.

Meanwhile support also seen from the update from Sumitomo Metal Mining Co, Japan's biggest nickel smelter, expects nickel supplies to swing into a deficit of 5,000 tons in 2015, the first shortfall in five years, due to lower output of nickel pig iron (NPI) by China.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)