INDIA March 08 2017 3:55 PM

MUMBAI (Scrap Register): India's major nickel scrap prices showed a flat trend on the Scrap Register Price Index as on Tuesday, while nickel futures prices at India's Multi Commodity Exchange tumbled tracking the weakness from LME Nickel.

Nickel prices at London Metal Exchange declined 4.1 percent to close at $10,645, the biggest one-day fall in nearly two months, after further news from top ore exporter the Philippines.

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel indco canada (4x24), nickel indco canada (4x4) , nickel plate(4x24), nickel plate(9x9), nickel russian (4x24), nickel russian(4x4) and nickel russian(9x9) stayed flat during Tuesday.

In futures, the most active March nickel contract on Multi Commodity Exchange dropped by 3.79 percent to Rs. 710.90 per kilogram on Tuesday from previous close of Rs. 738.90 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 734.50 per kilogram and an intra-day low of Rs. 709.50 per kilogram during Tuesday.

Philippines President Rodrigo Duterte said he hopes there would be a happy compromise between the mining industry and protecting the environment while his environment minister has asked for a halt of a second review of 28 mines that she ordered closed or suspended. US dollar gains strength it reduces demand for the commodity from holders of international currencies.