INDIA January 05 2017 12:23 PM
MUMBAI (Scrap Register): India's major nickel scrap prices showed an almost flat on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange gained nearly two percent mainly due to the expectation of strong Chinese demand.
The major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9), nickel russian (4x24),nickel russian(4x4), nickel russian(9x9), nickel indco canada (4x4) and nickel indco canada (4x24) on the Scrap Register Price Index showed a flat trend during Wednesday.
In futures, the most active January nickel contract on Multi Commodity Exchange advanced by nearly 2 percent to Rs. 697.10 per kilogram on Wednesday from previous close of Rs. 683.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 698.30 per kilogram and an intra-day low of Rs. 681.60 per kilogram during Wednesday.
China’s official manufacturing PMI for December was 51.4, marking the second-highest level for 2016 though lower than 51.7 for November. This also marked five consecutive months of economic expansion.