INDIA June 03 2015 4:35 PM
MUMBAI (Scrap Register): Indian 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 cathode, nickel plate(4x24), nickel plate(9x9) and Russian(4x4) traded up on Tuesday.

In futures, the most active May nickel contract on Multi Commodity Exchange settled up by 0.36% to Rs. 833.20 per kilogram from previous close of Rs. 830.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 839.40 per kilogram and an intra-day low of Rs. 822.70 per kilogram. The open interest of the contract stood at 15,918 lots.

Nickel futures prices at India's Multi Commodity Exchange settled higher on Tuesday as market sentiment was lifted due to upbeat data from euro zone and easing Greek crisis.

US factory orders in April slipped 0.4% MoM and durable goods orders dropped 1%, falling short of estimate and previous one, depressing US stocks and dollar. The Fed’s Lael Brainard expressed that US economy In Q2 failed to show rebounding posture.

The PBOC announced that PSL balance was RMB 645.9 billion late May with new PSL of RMB 262.8 billion during the first five month of 2015. The PBOC cut PSL interest rate since 2015 to now’s 3.15, felling 31% than last year. The PBOC has injected capital through PSL to increase liquidity and reduced borrowing costs.