INDIA March 09 2017 4:42 PM
MUMBAI (Scrap Register): India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange fell further 4.5 percent tracking the weakness from LME Nickel.
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) traded down on Wednesday.
In futures, the most active March nickel contract on Multi Commodity Exchange dropped by 4.5 percent to Rs. 678.90 per kilogram on Wednesday from previous close of Rs. 710.90 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 713.30 per kilogram and an intra-day low of Rs. 676.60 per kilogram during Wednesday.
Nickel settled 4.2% lower at $10,200/ton on the London Metal Exchange, and dropped 8.1% in two days, the most since August 2015.
Nickel prices concluded their biggest two-day loss since 2015 after PT Aneka Tambang, a top Indonesian nickel producer, said it is taking steps to resume low-grade ore exports.