INDIA April 12 2017 4:50 PM
MUMBAI (Scrap Register): India major nickel scrap prices continued to remained flat on the Scrap Register Price Index as on Tuesday, while nickel futures prices at India's Multi Commodity Exchange fell as the two biggest nickel miners in the Philippines, said prices for the metal would be robust this year due to growing demand from China.
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) showed a flat trend on Tuesday.
In futures, the most active April nickel contract on Multi Commodity Exchange settled down by 2.13 percent to Rs. 638.10 per kilogram on Tuesday from previous close of Rs. 652per kilogram. The MXC nickel prices touched an intra-day high of Rs. 657.60 per kilogram and an intra-day low of Rs. 632.60 per kilogram during Tuesday.
However downside seen limited as powerful cyclone that hit New Caledonia and shuttered nickel operations has moved offshore. Forecasts from the likes of the World Bank show prices could average around $11,000 in 2017 that would compare to around $9,500 last year.