INDIA January 06 2017 5:55 PM
MUMBAI (Scrap Register): India's major nickel scrap prices remained stable on the Scrap Register Price Index as on Thursday, while nickel futures prices at India's Multi Commodity Exchange dropped slightly as the Indonesian Association of Mineral Entrepreneurs has asked the government to allow exports of low-grade nickel ore.
The association is suggesting an export quota of 20 million tons per year of low-grade nickel ore for 3-5 years.
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) remained stable during Thursday.
In futures, the most active January nickel contract on Multi Commodity Exchange slightly down by 0.14 percent to Rs. 696.10 per kilogram on Thursday from previous close of Rs. 697.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 704.40 per kilogram and an intra-day low of Rs. 693.50 per kilogram during Thursday.
Sentiment remains fairly positive around nickel although there are concerns that the upside may be limited due to a large inventory overhang and slower Chinese demand growth.
U.S. services sector activity held at a one-year high in December as new orders surged, while the number of Americans filing for unemployment benefits fell near a 43-year-low last week, suggesting the economy ended 2016 with strong momentum.