India Nickel Scrap prices gain; MCX Nickel rises 5.6% in line with LME Nickel

INDIA February 16 2016 2:35 PM    

MUMBAI (Scrap  Register): Indian nickel scrap prices advanced on Scrap Register Price  Index as on Monday, while nickel futures prices at India's Multi Commodity  Exchange gained sharply by 5.6% in line with LME nickel.

Nickel prices at  London Metal Exchange gained 5.6% on Monday, reversing last week's slump as  hopes for more stimulus measures resurfaced after Chinese traders, returning  from a week-long holiday, digested worse-than-expected trade data.

LME nickel rose nearly 6 percent to $8,260  on Monday, reversing a more than 4 percent fall last week, when prices slumped  to their lowest in 13 years.

According to the Scrap Register Price Index,  the major nickel scrap commodities like nickel cathode, nickel plate (4X24) and  nickel plate (9x9) traded higher on Monday.

In futures, the most active  February nickel contract on Multi Commodity Exchange settled higher by 5.7% to  Rs. 564.40 per kilogram on Monday from previous close of Rs. 534.10 per  kilogram. The MXC nickel prices touched an intra-day high of Rs. 565.90 per  kilogram and an intra-day low of Rs. 542 per kilogram during Monday.