India major Nickel Scrap prices climb in line with Nickel Futures

INDIA May 02 2017 4:39 PM

MUMBAI (Scrap Register): India major nickel scrap prices climbed on the Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange.

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) gained on Monday.

In futures, the most active May nickel contract on Multi Commodity Exchange settled higher by 1.18 percent to Rs. 617.60 per kilogram on Monday from previous close of Rs. 610.40 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 619 per kilogram and an intra-day low of Rs. 610.30 per kilogram during Monday.

Nickel prices at Multi Commodity Exchange has advanced mainly due to support seen after Philippine Environment Secretary Regina Lopez said she would ban open-pit mining. Each open pit is a financial liability for government for life. It kills the economic potential of the place. 

Lopez in February ordered the permanent closure of 22 of 41 mines in the world's top nickel ore supplier for environmental breaches.