Indian Nickel Scrap prices advance in line with Nickel Futures

INDIA October 08 2015 4:22 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, after the update that the global nickel market should swing into a 23,000 ton deficit in 2016 from a small surplus in 2015, said the International Nickel Study Group (INSG), predicting that Chinese customers would drive an increase in nickel use.

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 October nickel contract on Multi Commodity Exchange settled up by 1.89% to Rs. 663.10 per kilogram on Wednesday from previous close of Rs. 650.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 670.70 per kilogram and an intra-day low of Rs. 652 per kilogram. The open interest of the contract stood at 22090 lots.

LME nickel prices hovered around $10,000 a ton during the China’s National Day holiday. US non-farm employment numbers fell far short of market expectations, weighing down the US dollar to 95.22.