India Nickel Scrap prices drop in line with MCX Nickel

INDIA October 07 2015 5:25 PM

MUMBAI (Scrap Register): Indian nickel scrap prices dropped on Scrap Register Price Index as on Tuesday in line with nickel futures prices at India's Multi Commodity Exchange as Chinese markets remain shut until Thursday for a national holiday.

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 down on Tuesday.

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In futures, the most active October nickel contract on Multi Commodity Exchange settled up by 0.42% to Rs. 650.80 per kilogram on Tuesday from previous close of Rs. 648.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 656.80 per kilogram and an intra-day low of Rs. 645.30 per kilogram. The open interest of the contract stood at 25871 lots.

A support seen as speculation that the Federal Reserve will delay raising interest rates boosted the appeal of metals as a store of value. 

Sputtering U.S. economic growth has traders scaling back on wagers that the Fed will start tightening monetary policy by December, according to futures data compiled by Bloomberg.

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