INDIA February 23 2016 11:29 AM
MUMBAI (Scrap Register): India's major nickel scrap prices gained on Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange due to the prospect of improved industrial demand in China, hedge funds are skeptical that recovery will last.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel Russian(9x9) traded up on Monday.
In futures, the most active February nickel contract on Multi Commodity Exchange settled up by 1.2% to Rs. 599.10 per kilogram on Monday from previous close of Rs. 592.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 602.60 per kilogram and an intra-day low of Rs. 587.30 per kilogram during Monday.
Nickel prices were also bolstered by optimism the appointment of a new head for China’s securities regulator would restore confidence in the country’s capital markets.
Inventories of nickel ore at six major Chinese ports kept falling during the first trading week after the 2016 Chinese New Year holiday. Nickel ore inventories at the six ports were 8.41 million tons last week, down 150,000 tons from the pre-holiday level.