India Nickel Scrap prices stay flat; Nickel Futures fall in line with LME Nickel

MUMBAI (Scrap Register): India's major nickel scrap prices continued to remain stable on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange fell in line with nickel prices at London Metal Exchange.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel indco canada (4x24), nickel indco canada (4x4), nickel russian (4x24) and nickel russian(9x9) showed a flat trend during Friday.
In futures, the most active February nickel contract on Multi Commodity Exchange down by 1.05 percent to Rs. 689.60 per kilogram on Friday from previous close of Rs. 696.90 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 694.50 per kilogram and an intra-day low of Rs. 681.10 per kilogram during Friday.
However, Nickel prices at London Metal Exchange ended with almost seven percent weekly gain after the Philippines said it would permanently close half its nickel production. 
The Philippines ordered the closure of 23 mines this week, mainly nickel producers, as part of a government campaign to fight environmental degradation by the industry.