INDIA March 15 2017 3:29 PM
MUMBAI (Scrap Register): India's major nickel scrap prices climbed on the Scrap Register Price Index as on Tuesday, while nickel futures prices at India's Multi Commodity Exchange settled slightly down as pressured seen ahead of the outcome of a U.S. Federal Reserve meeting that is expected to dictate direction in the dollar.
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 gained on Tuesday.
In futures, the most active March nickel contract on Multi Commodity Exchange dropped slightly down by 0.38 percent to Rs. 672.80 per kilogram on Tuesday from previous close of Rs. 675.40 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 679 per kilogram and an intra-day low of Rs. 661.80 per kilogram during Tuesday.
Indonesia is expected to gradually set export quota and export timetable to further detail its new export ore policy. Market expectations over ore supply shortages will change in March with progress of new export policy in Indonesia and end of monsoon season in the Philippines. Those suppliers have begun contacting with domestic ore traders from late February-early March.