INDIA October 27 2015 5:42 PM

MUMBAI (Scrap Register): Indian nickel scrap prices dropped on Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange as doubts emerges about demand from top consumer China, where the central bank last week cut interest rates, but sentiment's been supported by a weaker US dollar.

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9) and Russian(4x4) traded down on Monday.

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In futures, the most active October nickel contract on Multi Commodity Exchange settled down by 0.38% to Rs. 679.50 per kilogram on Monday from previous close of Rs. 682.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 686 per kilogram and an intra-day low of Rs. 675.10 per kilogram during Monday. The open interest of the contract stood at 27093 lots.

Overall Indian nickel futures prices traded in the range on Monday, having seen little movement in the days ahead of the upcoming Federal Reserve meeting. 

The Fed gathers mid-week in Washington to debate whether to raise interest rates. They are widely expected to keep rates at zero, but may signal a modest rate hike is in the card for December.

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