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India Nickel Scrap prices advance; MCX Nickel settles down

iconOct 14, 2015 09:13
Source:SMM
Indian nickel scrap prices advanced on Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange.

INDIA October 13 2015 5:35 PM

MUMBAI (Scrap Register): Indian nickel scrap prices advanced on Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange as weaker US job data deepened concerns about global growth, following figures that showed activity in China's factory sector also shrank again last month.


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 Monday.

In futures, the most active October nickel contract on Multi Commodity Exchange settled down by 0.10% to Rs. 682.80 per kilogram on Monday from previous close of Rs. 683.50 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 697.20 per kilogram and an intra-day low of Rs. 680 per kilogram. The open interest of the contract stood at 17567 lots.

Supply cuts are required if the global nickel market is to see any sign of a meaningful price improvement, Deutsche Bank said. Deutsche Bank estimates that around 50% of the industry is loss-making at current price levels and this includes most of the low cost Chinese nickel pig iron (NPI) producers. 

The nickel market is also looking for a demand recovery, especially from the stainless steel sector that accounts for around two thirds of global consumption.


Indian nickel scrap prices
Multi Commodity Exchange of India Ltd. (MCX)

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