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Indian Nickel Scrap prices rise in line with Nickel Futures

iconFeb 4, 2016 18:57
Source:SMM
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.

INDIA February 04 2016 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 as the US dollar tumbled as scepticism over rate hikes grew following weak US services data.

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel Russian (4x24), nickel Russian (9x9), nickel indco Canada (4X24), nickel indco Canada (4X4) and nikel Russian(4x4) traded up on Wednesday.

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In futures, the most active December nickel contract on Multi Commodity Exchange settled slightly up by 1.6% to Rs. 581.80 per kilogram on Wednesday from previous close of Rs. 572.70 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 583.80 per kilogram and an intra-day low of Rs. 577.30 per kilogram during Wednesday.

Buoyed in the metal seen after the positive news out of top metals user China and as traders continued to shut out short positions ahead of an upcoming holiday.

While earlier this week activity in China's services sector expanded at its fastest pace in six months in January, a private survey showed, helping to offset weakness in the vast manufacturing sector that has weighed on the world's second-largest economy.

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


Indian nickel scrap prices

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