INDIA February 07 2017 5:33 PM

MUMBAI (Scrap Register): India's major nickel scrap prices remained stable on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange advanced by nearly 2 percent led by news from Philippine.


According to the Scrap Register Price Index, the major nickel scrap commodities like nickel indco canada (4x24), nickel indco canada (4x4) , nickel plate(4x24), nickel plate(9x9), nickel russian (4x24), nickel russian(4x4) and nickel russian(9x9) showed a flat trend on Monday.

In futures, the most active January nickel contract on Multi Commodity Exchange climbed by 1.96 percent to Rs. 703.10 per kilogram on Monday from previous close of Rs. 689.60 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 703.80 per kilogram and an intra-day low of Rs. 693 per kilogram during Monday.

The news that the Philippine Environment and Natural Resources Secretary Regina Lopez said on Monday that she will not reconsider her decision to shut down 23 of the country's 41 mines, adding that the Southeast Asian nation is "unfit for mining". 

Nickel prices gained on weekly bases on prospects of tighter supply after the Philippines said it would permanently close half its nickel production.