INDIA August 04 2016 4:20 PM
MUMBAI (Scrap Register): India's major nickel scrap prices traded down on Scrap Register Price Index as on Wednesday; while nickel futures prices at India's Multi Commodity Exchange up tracking nickel prices at London Metal Exchange.
LME Nickel which reversed its earlier losses to close up 0.1 percent at $10,735 as support still seen for the prices since Monday after New Filipino President Rodrigo Duterte is cracking down and warned the illicit mining sector in that nation to stop sending unrefined or semirefined nickel ore to China.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) traded down on Wednesday.
In futures, the most active July nickel contract on Multi Commodity Exchange settled up by 0.56% to Rs. 720.40 per kilogram on Wednesday from previous close of Rs. 716.40 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 722.10 per kilogram and an intra-day low of Rs. 708.80 per kilogram during Wednesday.
The stern message reportedly has been heard by the mining sector, with ore shipments quickly decreasing and the global market responding with higher nickel prices on the potential supply shortfall. As summarized President Duterte has told mining firms he wants them to “comply with international environmental standards or shut down,” and “a massive audit of mines is currently underway, with six nickel miners already shut by the [Philippines] Environment Department.”