Indian Nickel Scrap prices decline; MCX Nickel settles slightly higher

INDIA February 02 2016 3:05 PM     

MUMBAI (Scrap Register): Indian nickel scrap prices declined on Scrap Register Price Index as on Monday; while  nickel futures prices at India's Multi Commodity Exchange settled slightly  higher tracking weakness from LME Nickel fell 2.3% to $8,460 a ton after the  update that Russia's Norilsk Nickel producing more of the stainless steel  ingredient was weighing on prices.

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 Monday.

In futures, the most active  February nickel contract on Multi Commodity Exchange settled down by 0.14% to  Rs. 580.60 per kilogram on Monday from previous close of Rs. 588.70 per  kilogram. The MXC nickel prices touched an intra-day high of Rs. 587.10 per  kilogram and an intra-day low of Rs. 575 per kilogram during  Monday.

Overnight prices dipped as weak manufacturing data in China and  the U.S. bolstering dovish sentiments for a delayed interest rate hike from the  Federal Reserve.

In overnight trading, China announced that factory  activity in January tumbled to a three-year low, exacerbating fears of slowing  growth in the world's second-largest economy.