INDIA February 14 2017 5:04 PM

MUMBAI (Scrap Register): India's major nickel scrap prices advanced on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange settled higher mainly due to the short-covering as support seen after the update that supply deficit last year of 209,000 metric tons, according to Bloomberg, and is projected to remain in deficit this year to the tune of 188,000 mt. 

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) showed an up trend during Monday.

In futures, the most active February nickel contract on Multi Commodity Exchange edged up by 0.52 percent to Rs. 714.50 per kilogram on Monday from previous close of Rs. 710.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 721.60 per kilogram and an intra-day low of Rs. 712.60 per kilogram during Monday.

Between Indonesia and the Philippines the two countries produced about 700,000 metric tons of nickel a year in 2014 and 2015, with about 170,000 mt of that coming from Indonesia due to the export ban. The Philippines has just ordered the closure of 21 mines and the suspension of another six.