Glencore statement lifts India Nickel Scrap, Nickel Futures prices

INDIA March 02 2016 5:25 PM     

MUMBAI (Scrap Register): India's major nickel scrap prices  advanced on Scrap Register Price Index as on Tuesday in line with nickel futures  prices at India's Multi Commodity Exchange.

According to the Scrap  Register Price Index, the major nickel scrap commodities like nickel plate  (4x24), nickel plate (9x9) and nickel Russian (4x4) showed an uptrend on  Tuesday.

In futures, the most active March nickel  contract on Multi Commodity Exchange settled up by 0.96% to Rs. 591.60 per  kilogram on Tuesday from previous close of Rs. 586 per kilogram. The MXC nickel  prices touched an intra-day high of Rs. 592.80 per kilogram and an intra-day low  of Rs. 580.20 per kilogram during Tuesday.

Nickel futures prices at  India's Multi Commodity Exchange gained as support seen after the statement from  Glencore that the fundamental outlook for nickel now appears brighter, with the  market ending the year in balance, following improved fourth-quarter demand and  continued supply-side adjustments.

Glencore believes further cuts to  global supplies are required to support a nickel price recovery.