India Nickel Scrap prices gain; Nickel Futures settle slightly up

INDIA February 18 2016 3:25 PM     

MUMBAI (Scrap Register): Indian  nickel scrap prices gained on Scrap Register Price Index as on Wednesday, while  nickel futures prices at India's Multi Commodity Exchange settled slightly up by  0.75%.

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

In futures, the most active February nickel  contract on Multi Commodity Exchange settled higher by 0.75% to Rs. 576.40 per  kilogram on Wednesday from previous close of Rs. 572.10 per kilogram. The MXC  nickel prices touched an intra-day high of Rs. 579.80 per kilogram and an  intra-day low of Rs. 565.40 per kilogram during Wednesday.

Nickel futures  prices at India's Multi Commodity Exchange edged up on Wednesday but overall  sentiments remain weak for Nickel prices and can seen drop in the prices as base  metals retreated amid concerns that excessive credit growth is increasing risks  in China, the biggest consumer of raw materials.

The expansion in China’s  debt relative to gross domestic product could pressure the country’s credit  rating, Standard & Poor’s said on Tuesday, less than a week after the cost  to insure Chinese bonds against default rose to a four-year high.